How to update form field value in the same field

Hi.
Just wondering if it's possible to update a field value based on the input of the user and updating the same field that the data is entered into.  This is mainly for people who use abbreviations so that I could have the data transfer in it's full version.
I guess it would be like a a correction on the text entered.

Eg.  
user is a regular customer Named 'Party Hire Melbourne'
When asked for their Company Name on the booking form they enter BHM (just quicker and easier for them)

Can I set the form field Company Name to update to the full name "Party Hire Melbourne" upon the user moving to the next question OR clicking outside the Company Name field?  

Cheers,
Danny.

If this is about having a fixed company name list, then it might be possible by using our Autocomplete Widget

In this demo form, I quickly made for you, entered the complete name plus the abbreviation, so that if you type BHM it will show the complete name, or if you type JF , "JotForm" should show up.

Thanks Jeanette.  That's brilliant. 
I've already gone and done a long-way work around that still works but I may change it to this.

I used the condition to update fields then just entered rules to cover the possible entries.  This is just for one customer however.  I take it this widget will allow me to enter variations for quite a few possibilities so is the better choice.

Thanks again.
Danny. 

I am very glad the Autocomplete widget sorted our your requirements. you can use it in all of your forms for different scenarios or clients.

Do not hesitate con contact us anytime!