This is a question that according to John Webster in his book Holy Scripture: A Dogmatic Sketch is of utmost importance. In my faith background it is common to hear raging debates regarding the nature of the Scripture’s inspiration. Questions regarding inerrancy and infallibility are often hotly debated, and all too often are made the benchmark for orthodoxy.
However, Webster wants us to take a step back and ask more fundamental questions. Is the totality of the Scripture’s significance found merely in the nature of its textual/historical accuracy? Is the ontology of Scripture found merely in its inspiration? Or is there something more? What exactly is the purpose of Scripture? What, exactly, is Scripture?