By Inspiration means that Scripture is ‘God-breathed’ . (As a qualitative note, the divine inspiration of each word of Scripture is true of the originals manuscripts only and is not true of any translation.)
The significance of Scripture being inspired means that the Holy Spirit moved men (2 Pet 1:21) to record God’s revelation for man. Man therefore recorded, not their own, but God’s wisdom (1 Cor 2:7) as God revealed it to them through the Holy Spirit (1 Cor 2:10). Although the Bible is God-inspired in every word and letter (Matt 5:18), men still employed their own particular writing style and personal vocabulary. This by no means diminishes the inspiration, inerrancy and sufficiency of Scripture (1 Thess 2:13).
Because it is inspired by God (2 Tim 3:16), the revealed Scriptures are complete and sufficient for godliness (2 Tim 3:16; 2 Pet 1:3).
Because God cannot lie the entire Bible is also inerrant (Num 23:19; Heb 6:18) which means that there are no errors in anything the Scriptures address.