What are the advantages?

If you compare mediation with the most known alternative form of dispute resolution, namely a legal/civil action, there are many advantages to be gained:
Cost control	Instead of two lawyers and process costs, you commonly now pay one mediator. Moreover the hourly fee of a mediator is generally lower than that of a lawyer.
You stipulate	You and the other party (parties), stipulate in the conflict how the conflict is solved, and not a lawyer or judge. This means: you do not give the decision out of hand, no surprises by legal pronouncement the solution is carried by all parties, therefore a high acceptance degree and a win-win result the solution can be agreed outside the binding right, therefore there is more space for creative solutions; of course the solution cannot be contrary to the public safety and good practice
Speed	Mediation can go very rapidly, parties and mediator stipulate jointly the route and you are not dependent on - long - legal actions. Though an exception to this is summary proceedings, which lasts, on average 4-6 weeks.
No unnecessary/further damage of relations	If a conflict escalates further or ends up in a legal sparring match, this has negative consequences on the mutual relation (s). With mediation it is possible to break through this and parties end up in conversation with each other. The informal procedure and the direct communication contribute to the mutual relation.
Another alternative can be to do nothing and not tackle the conflict. Ask yourself the question if this can eventually lead to a satisfactory situation for you. If you assess that doing nothing can lead to further escalation of the conflict, then it is advisable to try out mediation or one of the other forms of dispute solution.