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How to overcome Formula field 5000 Character exceeded

Can i modify the formula type to input type.is there any way
There is no way to skip this limit, but you could make your formula a bit more clean by changing the syntax here and there.
an other thing i sometimes do is if you have calculations in your formula, do those in in a workflow and populate the outcome in a custom field and reference this custom field in your formula. this way you limit a bit the characters needed.

if you post your formula we can check what we can improve?