Issue Running PowerPivot Configuration Tool?

Recently, while adding Microsoft SQL Server 2012 PowerPivot for Microsoft SharePoint 2010 to an existing farm, I encountered a bewildering error when running the PowerPivot Configuration Tool:

Analysis Services service account must be the same for all instances in the farm. Change you service properties to log on using account: NT AUTHORITY\LOCAL SERVICE

I (thought) I had run everything correctly. However, I noticed that when I clicked on the PowerPivot Management Dashboard in Central Administration, I got another error. After investigating the ULS logs, I found a peculiar entry:

Microsoft.AnalysisServices.SharePoint.Integration.Redirector.RedirectorException: The PowerPivot service application could not connect to the Analysis Services instance

After digging around, I found the problem and the solution. Apparently, there may be an issue with how the PowerPivot instance is configured when you install in an existing SharePoint farm. It could also be I missed a step (LOL)

To resolve and get back on track:

1. In Central Administration, go to Security –> Configure Service Accounts.
2. In the Credentials Management, select Select "Windows Service – SQL Server Analysis Services: from the dropdown list.
3. Ensure that the specified account is NOT LOCAL SERVICE. If it is, change it to your desired service account.
4. Click OK.
5. Try to run the PowerPivot Configuration Tool again.

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Much thanks to ElayarajaEswaran for this helpful tip!