Exploratory testing as a multifunctional approach

What are the main approaches to exploratory testing? What are its strengths and weaknesses? And how can the latter be made an advantage? 

In my talk, I will tell you about different approaches and purposes of exploratory testing, how it is applied in practice in a large company and share useful tools that reduce the minimum threshold of a tester's knowledge of the product for effective IT. It allows formalizing the "tacit knowledge" about testing.