After configuring NTP correctly I still get the error "The computer didn't resync because no time data was available." No matter which online time source I used.
When testing the online time sources by pinging it and it responds fine, you Windows NTP still refuses to sync. When you check the config you find that it still defaults back to the Local CMOS.
In my case, it turned out that NTP traffic is blocked by the ISP for security reasons.
I run a Mikrotik router and had to create a srcnat rule converting port 123 UDP to port 12300. Because I set the Microtik Firewall to act as a NTP server, this rule allowed it to sync with time servers online.
After that, configure windows to use the router as the time server and restart the w32tm time service.
w32tm /config /manualpeerlist:<router IP> /syncfromflags:manual /reliable:yes /update