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Binomial or binominal nomenclature is the naming of an organism. It consists of the generic name (genus) and the specific name (species). This system was first used by linnaeus. It is important because it help scientists to recognize an organism by that name. For example, let us talk about a common house rat. In my language it is called mazu. Suppose there was no binomial nomenclature system, a scientist from my place wishes to talk about his experiment to an english scientist on rat and say that the name of the organism he was experimenting on was called 'mazu', i don't think that the english guy would know what organism his friend was talking about. Instead, if his friend said the name of the organism was Rattus rattus, then the english scientist would understand that it was a rat.
My point is that different tribe has a way of naming things. And inorder to avoid confusion, the phenomenon of binomial nomenclature was used.

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It's useful by naming things which can give it a specific category
The binomial naming system is the system used to name species. Each species is given a name that consists of two parts. The first part is the Genus to which the species belongs and the second part is the species name. - from