The Intel Chipset Device Software installs the Windows* INF files. An INF is a text file that provides the operating system with information about a piece of hardware on the system. That information is primarily the product name for the piece of hardware. This allows the operating system to show the correct name for that piece of hardware in Device Manager.
Typically the download from your manufacturer's website is sufficient as it has the information for the hardware relevant to your system. Newer versions from other sources (like Intel) will cover newer hardware that probably doesn't exist in your system.