ScrumSimplified: 3 Pillars of Empiricism : Transparency, Inspection, and Adaptation

Transparency

Across the board...this includes the Scrum Team (Product Owner, Scrum Master and Development Team members), Customer, Stakeholders, Management, etc..
It's a KEY factor for Collaboration in true sense...everybody works as a One Team.
It creates Honest and less stressful environment. Less Negotiation, More Collaboration.
Less time wasted behind preparing various Reports for tracking the progress.
Information runs from top-to-bottom and vice versa.These provides great visibility, which helps with quick decision making.
360 degree feedback and sharing details horizontally with other teams and departments. Improves collaboration and opportunities improve increases and overall Risk decreases.
Scrum Master assures Transparency and teaches Scrum Team to improve. Scrum Master also works with other Scrum Masters and management to improve Transparency at Organization level.

Regular Check points for Tracking / Measuring Progress...Daily Stand-ups, Sprint Review and Sprint Retrospective provides us opportunities.
It's KEY factor and first step towards improvements for generating more value.
Development Team uses Ceremonies for Inspection like Daily Stand-up for checking and adapting game-plan to meet Sprint Goal, getting feedback from Customer and Stakeholder during Sprint Review and using Spring Retrospective for improving Team's processes.
Various boards and charts are used for visual Inspection opportunities.
If we fail to Inspect then won't catch emerging issues / deviations, which leads to project delays and additional costs.
We can appoint Inspectors for different aspects of the project, thus sharing responsibilities within the Scrum Team.

Adjusting / Rectifying / Improving processes when identified and as soon as possible to gain maximum value.
It's KEY differentiator between traditional waterfall methodology and Agile methodology. In Agile world, we always embrace and Adapt changes, so that we can constantly improve.
Many times, Inspection and Adaptation goes hand in hand. While Inspection, if we find deviation then we formulate and Adapt new game plan.
Now a days, in fast paced businesses, product cycles are shorter. So, Customer will keep changing requirements as per the feedback received from market. Scrum Team have to accommodate all those changes to keep customer happy.
Development Team, Inspect and Adapt on daily basis during Daily Stand-up ceremony.
Sprint Review is another ceremony where Scrum Team will ask for feedback from all stockholders and Adapt accordingly.
During Sprint Retrospective, Scrum Team discusses internally about issues and opportunities for improvements. The will prepare and Adapt new plan as a team to generate more value.