CRM 2013: Timer button is currently disabled

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Service pack 1 of Dynamics CRM 2013 came up with an exciting feature of SLA Timer. Timers can be used to track service level agreement KPI to ensure customer commitments are met. Today I was trying to get my hands on it but after installing Service Pack 1, I discovered that Timer option was greyed out on form editor. It was saying:

"This button is currently disabled".

"You may not have selected the item that works with this feature. If you don not have permissions to use this feature, correct your system."

Solution:

Go to Settings > Administration > Install Product Updates

You will get the following screen.

Install the updated by clicking on 'Update' at the bottom of the screen.

it will install the updated and in the mean time you can watch the video on installation screen to know more about this brilliant feature. Once updated you will get the confirmation screen.

Open case form in form editor. You will see that 'Timer' button is enabled not and it is ready to use.