Redundancy, in a very simply way, is about having a plan B for when IT systems go down.
This plan B is built on duplication of critical components and backup systems that come into action when power or other critical components that keep a system running fail.
The idea is to increase reliability of systems and avoid huge losses cause by downtime.
In the data centre industry, redundancy is one of the top criteria for sites, as downtime can cost between a few thousands to several millions of pounds depending on how long systems are down.