Chemical names are commonly used in chemistry to identify chemicals, such as sulfuric acid, sodium hydroxide, etc. These are the standard names used all over the world to represent particular compounds. A standardized system for nomenclature ensures that everybody uses the same name for a particular compound. This avoids confusion, because different people (possibly from different regions of the world) may use different names for the same compound. And in such a confusing scenario, it would be difficult to compare and verify results obtained by different researchers. Hence a common standardized system of naming the compounds is necessary and the chemical naming is essential to our work in chemistry. This is why it is important for chemical names to be studied by all students and researchers. 

The same reasoning can be used in regards to the scientific naming of organisms.

Hope this helps.