How to enable Replace-as-you-Type on Windows (system-wide)

For future readers who might stumble upon this:

The type of software you are looking for is called a text expander. Since we're not supposed to put advertisement for software in this realm of the SE network, this is pretty much the end of the answer. I'd like to refer you to softwarerecs.SE or to the website alternativeto to find suitable software matching your requirements.

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(The second link will take you to the alternativeto site for TextExpander, which seems to be a commercially available software. I don't know TextExpander and I am not endorsing this particular software, but felt like this was a great starting point to find other suitable software.)