I always hate to suggest Googling something for an answer, but this whole “design thinking” has become something of a fad in business. There are books about it and lots of information on the Internet.
In general, the concept seems to take the thought processes good designers have used for years — research > understanding > developing ideas > prototyping > testing > implementation > re-evaluation, and so on — then apply them to general business problems. There are lots of different variations in these steps, but “design thinking” descriptions always seem to spell out similar variations.
Although carefully identifying and thinking through problems is extremely important before developing solutions, doing so is rarely the rigid, straight-forward process that this “design thinking” craze paints it as being. Instead, throughout the process, good designers remain flexible, critical, creative, open-minded, skeptical and use a good deal of intuition based upon experience in conjunction with these kinds of general workflow and thinking processes. Any time critical thinking and good design are reduced to simply following a series of pre-defined steps, the whole notion of “design thinking”, ironically, becomes somewhat antithetical to the good design it’s meant to foster.