I make extensive use of AutoCorrect in Outlook 2010.

My favourite use of the Autocorrect is as a way to automatically type commonly used phrases in your emails.

E.g. I have an auto correct so that whenever I type "ilf", Outlook replaces it with "I look forward to hearing from you."

This saves me a lot of time and also prevents unnecessary errors when typing common phrases. (h and j are next to each other on the keyboard and I have sent out several emails saying "I look forward to jearing from you")

Regards
Sanjay
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