To change the status of an LP to "Outreach," you can manually move them to the appropriate stage in the closing pipeline. This can be done by checking the box next to the LP's name and changing their stage or by clicking on the dropdown menu button underneath the column 'STAGE' and changing the stage. The "Automate" function allows you to set up tasks that are automatically executed based on specific actions. For example, you can automate sending an email when a prospect reaches a certain stage. This helps streamline your workflow and ensures timely follow-ups.