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Good news, with SAP NetWeaver BW 7.4, there is now a standard solution available and the old limitations for key and text length are not valid anymore. Please see my blog for more details.
Hello Friends,
The topic has been mentioned many times. I'm NOT providing any new solution here. This blog is merely aggregating existing pieces of information in a single place.
SAP Library
Here are links to the documentation that describe the 60 character limitation for characteristic values.