Code reviews improve code quality and transparency by providing a discussion platform to foster continuous self-improvement. They reduce bug fixing and new feature implementation times by catching issues early. GitFlow workflow with merge requests enables code reviews. Developers start a feature branch, push commits to the central repository, and create a merge request for review. Reviewers test the code locally, check for bugs, quality, and style. They discuss improvements in the merge request before accepting it to merge into the main branch.