I have been working with CyberArk for the past five years. I do installations, support, and presales.
We have installed the CyberArk solution and have been using it as a PAM solution.
The main reason for having the solution in place is to isolate and monitor all previous activities that have taken place within the organization. The second thing is to make sure all the previous accounts have been onboarded to the solution and accurately monitored as well as passwords have been managed as per the policies defined. The third thing is to make sure users are unaware of their previous account passwords. Those should be centrally stored and located in one of the solutions where we can manage them per our policy or ask users to raise a request for internal workflows on the solution, in case of any emergencies. The last thing is for managing the service account passwords.