What is the Importance of Privileged Identity Management?

We are in an era where information and data are the most expensive things. From a nation to a company, everyone has their own set of data that is exceptionally private. However, within a company, it is required to provide employees with access to such private data. To work efficiently without compromising any data, companies use privileged identity management. Since it offers access to the application, system, or information only for a limited time, any misuse is prevented. PIM enables users to raise requests and receive access to privileged information only when needed for a specific duration. Once the allotted time is completed, the access expires. For example, when we access any portal, such as banking, it offers an OTP password for a limited time. Once the time is over, it is of no use and prevents you from further access.