setup routines for the Microsoft Excel Driver (xls xlsx xlsm xlsb) ODBC driver could not be found

Product:
Cognos Planning 10.1.1
Analyst on Microsoft Windows 7 64 bit

Symptom:
When you start ODBC Data source administrator to add ODBC connections to xls files you get a error on your brand new Windows 7 computer.

You need to add ODBC connection to be able to import xls files into Cognos Analyst for Planning. Inside Analyst how you selected New D-Link and then click on source, and selected ODBC (SQL) database. But then there are no connections to select, you have to create the connections in the ODBC tool.

Problem:
The setup routines for the Microsoft Excel Driver (xls xlsx xlsm xlsb) ODBC driver could not be found. Please reinstall the driver.

Cause:
In windows 7 the odbc icon in administrative tools are for 64 bit connections, and cognos planning use only 32 bit connections.

Solution:
Create a shortcut to the file c:\windows\syswow64\odbcad32.exe

Use this icon to edit the ODBC connection for Excel to be used in Cognos Planning.