Hi welcome to the site :)
It is important to identify delays in speech, language and communication because this can have a huge effect on a child’s development and will affect them later on in life, it can have an impact on their cognitive development so a child may have difficulties in learning and understanding information, which can affect educational progress and problems in being understood which can lead to frustration and unwanted behaviour. A child may struggle to become independent if they can’t express what concerns them or can’t explain things and then it may lead to a child becoming withdrawn. If a child can’t communicate well with others this can impact on their ability to make friends and they may lose interest in trying to. Sometimes a child with speech, communication and language problems may fall into depression which can then lead to further problems and affect other areas of development. If children have speech, language and communication difficulties this can affect them in later life for example they can fall behind at school and struggle in not just language classes but in other classes as well as they may not be able to understand the work that has been explained to them this can even lead to problems in collage and further education and even getting a career. This can also lead to having low self esteem and confidence causing problems with their social skills and this can lead to them not being able to make relationships with other people.
Hope this helps you get a idea :)
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