IPAM is an acronym for Internet Protocol Address Management. It is a method and software used to monitor and manage a company's IP addresses. IPAM tracks IP addresses, allows administrators to allocate new addresses to devices, and monitors the locations of devices on the network. It benefits organizations by keeping track of hardware and software inventory, software licenses, and software usage. The IPAM process involves creating an index of IP addresses and their attributes like location and configuration to help manage networks, security, and planning.