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Huginn roughly translates to 'thought', and Muninn translates to 'memory/ mind/ desire'. These two traits are the most important parts of gaining and holding knowledge, which is important as Odinn is predominately known for his wisdom. It is said that the ravens fly across Midgard (the realm of humans) and gather information, bringing it back to Odinn and keeping him updated with the latest information and gossip. 
 
In the Poetic Edda poem Grímnismál, Odinn mentions he is worried that one day Muninn won’t return, which was an indication that he may have been losing his memory/mind in  his old age. This was especially bad because Odinn without his wisdom is like a sniper without a rifle.
 
There are many artefacts of these 2 ravens with Odinn that originated from Scandinavia, Germany and Saxony Britain and date back as far as 300ce. Much like his horse Sleipnir, the ravens are a way for God to connect to other realms