An update conflict has occured, you must re-try this action again.The object SPProcessIdentity was ...

Error :

An update conflict has occured, you must re-try this action again.The object SPProcessIdentity was ...

This error occurs when any timer job task is underway and it is preventing another task. For example when you are configuring service accounts I got this error.

The solution is to clear and reset the SharePoint timer job 'Cache' by doing following steps: 

1. Stop the Windows SharePoint Services Timer service (Found in Windows Services)
2. Navigate to the cache folder
   In Windows Server 2008, the configuration cache is in the following location:
   Drive:\ProgramData\Microsoft\SharePoint\Config
   In Windows Server 2003, the configuration cache is in the following location:
   Drive:\Documents and Settings\All Users\Application Data\Microsoft\SharePoint\Config
   Locate the folder that has the file "Cache.ini"
   (Note: The Application Data folder may be hidden. To view the hidden folder, change the folder options as required)
3. Back up the Cache.ini file.
4. Delete all the XML configuration files in the GUID folder. Do this so that you can verify that the GUID folder is replaced by new XML configuration files when the cache is rebuilt.
5. Note When you empty the configuration cache in the GUID folder, make sure that you do not delete the GUID folder and the Cache.ini file that is located in the GUID folder.
6. Double-click the Cache.ini file.
7. On the Edit menu, click Select All. On the Edit menu, click Delete. Type 1, and then click Save on the File menu. On the File menu, click Exit.
8. Start the Windows SharePoint Services Timer service
9. Note The file system cache is re-created after you perform this procedure. Make sure that you perform this procedure on all servers in the server farm.
10. Make sure that the Cache.ini file in the GUID folder now contains its previous value. For example, make sure that the value of the Cache.ini file is not 1.