Replace the first word of the characteristic value in BEx

Hi all,

     I have to replace the first word of the characteristic value with 3-char value and write it in a new column in BEx Query Designer.

     Ex: 'INVENTORY DEPT ABCD XYZ'        --> 'INV'

           'CONSOLIDATIONS-ON 12/12/2015'   --> 'CON'

           'CLEARED ACCOUNTS JUNE 2015'  --> 'CLR'

    First, I should find the first word till the SPACE or - (Dash).

    What will be the simple and easiest way to accomplish in BEx Query Designer only, but not in InfoCube at backend level, please?

Thanks,

Venkat.