Spotfire Server fails to start. ERROR: (Error creating bean with name 'informationModel' defined in ServletContext resource [/WEB-INF/applicationContext.xml]: Invocation of init method failed;)

Spotfire Server fails to start. ERROR: (Error creating bean with name 'informationModel' defined in ServletContext resource [/WEB-INF/applicationContext.xml]: Invocation of init method failed;)

Description:
Unable to browse the Spotfire server URL (Admin Console). Error in the "Server.log" (\\Spotfire_server_install_dir\tomcat\logs).
-----------------------------------------------
web.context.ContextLoader: Context initialization failed
org.springframework.beans.factory.BeanCreationException: Error creating bean with name 'informationModel' defined in ServletContext resource [/WEB-INF/applicationContext.xml]: Invocation of init method failed; nested exception is com.spotfire.server.ServerInitializationException: java.lang.NullPointerException
-----------------------------------------------

Symptoms:
When trying to open Spotfire server URL, the following error is reported in the server.log file (\\Spotfire_server_install_dir\tomcat\logs):
--------------------------------------------
web.context.ContextLoader: Context initialization failed
org.springframework.beans.factory.BeanCreationException: Error creating bean with name 'informationModel' defined in ServletContext resource [/WEB-INF/applicationContext.xml]: Invocation of init method failed; nested exception is com.spotfire.server.ServerInitializationException: java.lang.NullPointerException
.
.
.
Caused by: com.spotfire.server.ServerInitializationException: java.lang.NullPointerException
.
.
.
Caused by: java.lang.NullPointerException
-------------------------------------------- 

Cause:
The account by which Spotfire server service is running does not have sufficient privilege to access the Spotfire server installation directory. There are two options to resolve this issue:

Option 1:

Provide access(at least read/write) to the account on the Spotfire server installation directory which is used by the Spotfire server service.

Option 2:

Change the Spotfire server service account to another account which has access (at least read/write) to the Spotfire server installation directory.