Advantages of Exploratory Testing

Exploratory testing can uncover bugs, which are normally ignored (or hard to find) by other testing strategies.
It helps testers in learning new strategies, expand the horizon of their imagination that helps them in understanding & executing more and more test cases and finally improve their productivity.
Exploratory testing helps tester in confirming that he/she understands the application and its functionality properly and has no confusion about the working of even a smallest part of it, hence covering the most important part of requirement understanding.
As in case of exploratory testing, we write and execute the test cases simultaneously. It helps in collecting result oriented test scripts and shading of load of unnecessary test cases which do not yield and result.
Exploratory testing covers almost all type of testing, hence tester can be sure of covering various scenarios once exploratory testing is performed at the highest level (i.e. if the exploratory testing performed can ensure that all the possible scenarios and test cases are covered).