Change Drupal 7 decimal field scale or precision

We wanted to change the MRP field 'field_per_item_cost' from DECIMAL (12,2) to DECIMAL (12,3)

The following SQL Query will do the trick

ALTER TABLE field_data_field_per_item_cost MODIFY field_per_item_cost_value DECIMAL(12,3);
ALTER TABLE field_revision_field_per_item_cost MODIFY field_per_item_cost_value DECIMAL(12,3);
UPDATE field_config SET data = REPLACE(data, '"scale";s:1:"2";', '"scale";s:1:"3";') WHERE field_name = 'field_per_item_cost';
UPDATE field_config_instance SET data = REPLACE(data, '"scale";s:1:"2";', '"scale";s:1:"3";') WHERE field_name = 'field_per_item_cost';

To show config data from HEX to utf8, we can use the following SQL code

SELECT CONVERT(data USING utf8)  FROM field_config  WHERE field_name = 'field_per_item_cost'
Technologies: