How to resolve timeout issue during migrations to Office 365 (4317742)

The error message below is encountered when migrating content to Office 365:

Exception: This request operation sent to net.pipe://localhost/CSOM2013Service7.2.0.11NzQxODUwNTYw did not receive a reply within the configured timeout (00:15:00). The time allotted to this operation may have been a portion of a longer timeout. This may be because the service is still processing the operation or because the service was unable to send a reply message. Please consider increasing the operation timeout (by casting the channel/proxy to IContextChannel and setting the OperationTimeout property) and ensure that the service is able to connect to the client.
Stack:
Server stack trace:
   at System.ServiceModel.Dispatcher.DuplexChannelBinder.Request(Message message, TimeSpan timeout)
   at System.ServiceModel.Channels.ServiceChannel.Call(String action, Boolean oneway, ProxyOperationRuntime operation, Object[] ins, Object[] outs, TimeSpan timeout)
   at System.ServiceModel.Channels.ServiceChannelProxy.InvokeService(IMethodCallMessage methodCall, ProxyOperationRuntime operation)
   at System.ServiceModel.Channels.ServiceChannelProxy.Invoke(IMessage message)
Exception rethrown at [0]:
   at System.Runtime.Remoting.Proxies.RealProxy.HandleReturnMessage(IMessage reqMsg, IMessage retMsg)
   at System.Runtime.Remoting.Proxies.RealProxy.PrivateInvoke(MessageData& msgData, Int32 type)
   at Metalogix.SharePoint.Adapters.CSOM2013Client.CSOMService.ISharePointAdapterService.CheckConnection()
   at Metalogix.SharePoint.Adapters.CSOM2013Client.CSOMClientAdapter.CheckConnection()
   at Metalogix.SharePoint.SPConnection.CheckConnection(Boolean bBypassManualConnectBlock)
   at Metalogix.SharePoint.UI.WinForms.Administration.ConnectToSharePointDialog.b__0(BackgroundWorker worker)
Type: System.TimeoutException

1. Close all instances of the Content Matrix Console.
2. Open the C:\ProgramData\Metalogix\EnvironmentSettings.xml file using any text editor (e.g. Notepad).
3. Increase the value (in minutes) of the following settings:

   
    PipeCloseTimeout
    15
   
   
    PipeOpenTimeout
    15
   
   
    PipeReceiveTimeout
    20
   
   
    PipeSendTimeout
    15
   
   

4. Save the file, re-launch the Content Matrix Console, and then re-run the migration job.

Note: There may be a need to experiment and increase the setting/s gradually.