Importance of the number 108 in Hinduism

Most of us might have heard about the 108 names of Lord Ganesh and Lord Shiva, and some people recite certain mantra 108 times like the Hanuman Chalisas. Numerous gods and sages in Hindu religion have 108 names. The importance of the number is also found in other religions and cultures. So what is the significance of 108? There are numerous explanations given in scriptures to this.
The Vedic system believes that 108 represent the universe or supreme. Lord Krishna had 108 gopis, there are 108 beads in Hindu rosary, there are 108 Upanishads, there are 108 holy places associated with Lord Vishnu (Divyadesams) and Sati’s body split into 108 pieces on hearing Daksha insulting her husband Lord Shiva. The list grows as we dig into scriptures. 
Apart from this the distance between the earth and the sun equals about 108 times the sun’s diameter.