Nothing bad can happen.
You can always roll back changes in device manager if driver won't work.
Where did you get this tool? do you have a link?
I've been using the old one(had to go to INTEL's site) for years and the new installable utility(since it came out) and never had a problem, but I only update the Graphics drivers and not the others, being they're generic and not tweaked by my manufacturer for my brand & model.
I just used the Intel driver update program on a new install. Got me the correct and latest drivers that I needed for an i7 3770 CPU.
Cliff has given you good answer
For laptops you always visit laptop site.
For desktops you always visit motherboard site.
If that doesn't work ( ex. bad driver or no driver ) then you go directly to device manufacturer.