Developing a product based on assumptions may be costly and risky. A well-organized discovery process can help avoid this costly and risky outcome. It also helps to make sure that you are not wasting time and money developing features that don't add value to the product.
The product discovery phase also requires proper alignment across different levels of management and between teams. Throughout the process, a product manager can help to make sure that the team is on track and that they are using the right techniques to generate useful ideas. A good product manager will also identify which ideas to discard, as well as which ones to pursue.
The product discovery process may be the most exciting part of the development cycle. It helps to create value for the organization. It may also save the organization money in the long run. For example, developing a product that solves a problem that has already been solved can save the organization a lot of money.