Empathy is an essential practice to shift into a customer-centric mindset, tackling cognitive and assumption bias. It helps to facilitate focused development of more impactful solutions, and aids in decision making.
Internally it should be used to externalizes knowledge about a specific audience in order to create a shared understanding of their needs, what they are thinking, feeling, seeing, hearing, and doing.
With a detailed understanding of what you think you know about customers/users, you can then engage in external product discovery more effectively validate insights, identify gaps, and begin to fill them in.
Dollar for dollar your product discovery efforts will be more valuable, leading to durable insights that will dramatically influence the value exchange between customers/users and the business, supporting prioritization of the product roadmap that is outcomes focused.