Theory and concepts enable the analyst/ student to ground inquiry of political phenomena within a particular unit of analysis, given that political phenomena is something that is socially constructed. As such it always needs to be conceptually grounded. Systems theory, for example, allows us to analyse the various inputs and outputs involved in a particular political process and also answers questions relating to 'what is happening and who is causing it to happen and why' within a political setting. For public policy analysts, theories and concepts facilitate work on explaining and understanding government responses to policy problems and developing policy proposals for addressing policy problems.
Depending on the political phenomena You need not only political science theories (as left-right division of political parties - even if it is not so evident as earlier, democracy/authoritarianism relation, power relations, globalization/nationalism relation, etc.), but other social sciences theories - from sociology, economics, public administration, management. You need also philosophical insights, as there are certain gnoseological, ontological and axiological (values) aspects of research. Saying shortly, interdisciplinary research of political phenomena is on the wave and mostly welcomed in teaching, research and publications.
But You need to pay attention to geographical/cultural region of the world, as, certainly, Europe differs from Africa, Latin America, etc. And Western Europe differs from Central and Eastern Europe...
Concepts are important as they enter into theory and insofar as theory is capable of empirical testing, confirmation or disconfirmation.
Political actors do innovate in their practices; and part of the effectiveness of particular innovations may depend upon (general, pervasive) failure to understand the means employed for particular ends --or the relationship between announced aims and political means.
Partly because of such factors, political theory may illuminate political history. Innovations of theory may be needed for purposes of factual political analysis. However, a pure play of concepts may lead on to merely speculative or purely partisan theory and analysis.