Timeouts when refreshing Workflow Reporting Service

Symptoms

When trying to update the out-of-the-box K2 Worklow Reporting Service (Service instance), you get the following error:

Smart Object Server Exception: Timeout expired. The timeout period elapsed prior to completion of the operation or the server is not responding.
 

Diagnoses

N/A
 

Resolution

Please do perform a reconfigure of K2 Blackpearl set up via the installation media.