if you switch off “Find as you type” on the Alter Database function, is it correct to assume that there will be a significant speed improvement on the database? Are there any implications in doing this?
Yes, because each Char you enter call the select on SQL which is very costly. If you disable this, it means, that there will be only one select after you hit "Find" or enter... and if you count users, which are using this function in 1 hour and what they are doing, you can cal the performance gain (it depend how havilly they are searching the data etc...)
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