3197528 - "The remote procedure call failed. (Exception from HRESULT: 0x800706BE)" and "BiXllFunctions registration failed." when starting Analysis Office

The error below occurs when trying to start Analysis Office:
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The remote procedure call failed. (Exception from HRESULT: 0x800706BE)
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The entries below can be found in AO traces (refer to SAP Note 2129389):
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General .NET Exception [aa3e-cbf1-f8]:
BiXllFunctions registration failed. Path: C:\Program Files (x86)\SAP BusinessObjects\Office AddIn\Plugins\AnalysisOffice\BiXLLFunctions.dll
at com.sap.ip.bi.pioneer.excel.main.EaOfficeAddin.Startup()

System.Runtime.InteropServices.COMException (0x800706BE): The remote procedure call failed. (Exception from HRESULT: 0x800706BE)
bei Com.Sap.Cof.Interfaces.COM.ISapCofComObject.ActivatePlugin(String iPluginName)
bei Com.Sap.Cof.Launcher.OfficeGetterHelper.ActivatePlugin(ISapCofComObject comObject, String pluginId)
bei Com.Sap.Cof.Launcher.OfficeGetterHelper.ActivatePlugin(ICOMAddIn pioneerAddIn, Boolean analysisPlugin, Boolean epmPlugin)
bei Com.Sap.Cof.Launcher.LauncherApplication.StartApplication(OfficeGetterHelper officeGetterHelper, IOfficeApplication& officeApplication, ICOMAddIn& comAddIn, Boolean& officeIsReused)
bei Com.Sap.Cof.Launcher.LauncherApplication.StartApplicationAndCallCOM(OfficeGetterHelper officeGetterHelper)
bei Com.Sap.Cof.Launcher.Launcher.Main(String[] args)
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"Image/data in this KBA is from SAP internal systems, sample data, or demo systems. Any resemblance to real data is purely coincidental."

SAP Analysis for Microsoft Office

0x800706BE, aa3e-cbf1-f8, 365 , KBA , BI-RA-AO-XLA , Excel Addin , Problem