Right now we are creating one more transport request to overwrite the existing object to back to normal position of the program, which is lengthy procedure for us. Thanks in advance for your help!
Sometimes, as an emergency fix, you can retrieve an earlier version of the object; thus, you wouldn't have to create a transport and process it all the way through production. Again, this is only an emergency quick-fix that might work for some objects. The important thing is to remember to fix it in development and put the appropriate transport in the other systems in the landscape.
As you may know, objects have links to other objects, and that is why promoting changes in your landscape requires good change management control. Also, test scripts and user sign-offs are good practices that may help prevent problems in production systems.
Transports cannot be undone without using a third-party tool such as "Object Manager" from Skywire Software or "Transport Express" from Basis Technologies. These tools offer a variety of functionality -- among them, the ability to backup objects and restore them after a transport has been imported. You can learn more about "Transport Express" at: http://www.basistechnologies.com/transportexpress.html.
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