When Microsoft Word recognizes types of data, it marks the data with a smart tag indicator, a purple dotted underline. To find out what actions you can take with a smart tag, move the insertion point over the underlined text until the Smart Tag Actions button
appears. You can then click the button to see a list of actions you can take.

Smart Tag Actions button
Smart tag indicator
For example, the Date smart tag enables you to schedule a meeting in Microsoft Outlook, and the Telephone Number smart tag enables you to add a new entry to your Outlook contacts list.
Smart tags and actions are developed by Microsoft or third-party companies. Information Technology (IT) professionals may also create smart tags and actions that are customized for the specific products or services you work with.
For example, if you work in a sales department, you might be able to click a "product name" smart tag in your document that offers actions such as "check quantity in stock" or "check price."