Best way to update table schema for huge tables (SQL Server)?

We have a similar problem and I've found that the fastest way to do it is to export the data to delimited files (in chunks - depending on the size of the rows - in our case, each file had 500,000 rows), doing any transforms during the export, drop and recreate the table with the new schema, and then do a bcp import from the files.

Should go much faster without indexing during the build.

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