God's name is holy and should be exalted above all other names (Psalm148:13). It should never be taken in vain, and those who do so will not be held guiltless (Exodus 20:7). The name of the Lord should never be sworn by falsely, as that would profane His name (Leviticus 19:12). His name is to be praised, blessed, and glorified (Psalm 29:2). In Psalm 138:2, David writes that God Himself exalts His name above everything else. There is only one thing that God exalts as high as His name, and that is His Word. And just as we exalt His name above all else, so should we exalt His Word.
God's Word is infallible and without error. All of the words of Scripture were "given by inspiration of God" (2 Timothy 3:16, KJV). The Greek word translated as "inspiration" in some translations of the Bible is theopneustos, which literally means "God-breathed." While the words that we read in the Bible were written by men, these words were "breathed" into the writers by God. They are not the words of men, but the words of God. God gave us His Word for a reason. It is the manual for our lives. It shows us how we should live. The Word of God tells us who God is and reveals His great love for us.
God's Word is useful to us in many ways. It is useful in teaching, or doctrine. Sound teaching is important to the lives of all believers. It is through following sound teaching, or good doctrine, that we are able to be good servants of Christ (1 Timothy 4:6). We must follow and teach the doctrine found in the Word of God, and not the doctrine of man. Doctrine that comes from man, from the world, turns our hearts from God and when we worship Him, we worship in vain.
God's Word is also useful for reproof. The Greek word used in 2 Timothy 3:16 is elenchos, which means "rebuke." The definition of rebuke is sharp, stern disapproval, or reprimand. When a brother or sister in Christ is living in a way that doesn't line up with God's Word, or is persistent in sin, we are to rebuke them (1 Timothy 5:20). This must be done in love, and correction must be given through the knowledge and use of God's Word.
Finally, God's Word is useful for training in righteousness. We were created in God's image and, as such, we were created with the ability to live righteous, sinless lives. However, due to man's obedience, sin entered the world through the first man, Adam. Through Adam's disobedience, we were all made sinners (Romans 5:19) and, as a result, we are all unrighteous. But God has provided a way for us to attain righteousness. This righteousness comes through faith in Christ for all who believe (Romans 3:22). And that faith comes from hearing, which comes from the Word of God (Romans 10:17).
God's Word, His powerful, inerrant, infallible Word, is the manna that God has provided for us to live on. Just as we need food every day in order to live healthy lives physically, we need God's daily bread, His Word, in our lives every day.