There are two steps that I can decipher from the documentation to upgrade from Standard License to Enterprise License.
- Apply the Enterprise License Key
- Enable Enterprise Features on Existing Sites
Does this process require downtime on the Farm?
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It is Sku upgrade process, in background config wizard ran to upgrade Sku from std to enterprise.it is sort of outage but minimal.
I highly recommend perform a full farm backup then schedule this change after hours.