Smart Vault interacts with a large number of programs which need to be closed before updating.  Closing any excel or quickbooks applications that are open should allow the updates to proceed.  




The update window (shown below) will also show processes that are still running that must be closed in order for the update to continue, which you can close by selecting the id and clicking end process.
It may not show all processes on this list, in which case the above error is given.