Faulty IBSM System on My 2007 BMW X5 E70 - How to Reset?

I'm experiencing issues with my 2007 BMW X5 E70's IBSM system and am seeking help on how to reset it properly. The system has been malfunctioning, causing various problems including erratic behavior when shifting gears and faulty readings. I've tried resetting the system but haven't had any luck so far, hence this post for some guidance or advice from fellow BMW enthusiasts who may have encountered similar issues.