Can We change Existing Inventory Item code from 8 digits to 13 digits ?

Dear All ,

We have a requirement , to change the existing inventory Item code  8 digits to 13 digits .

say an example : Present Inventory code  01.04.0328   to new inventory code 0104032800123

Is it doable , if yes then  what will be impact on Historical transactions , inventory  , purchasing and financial responsibility  and on whole ERP system .

what is the best standard practice to achieve it

Thanks,

Ahmed Mohiuddin