I use Olympus Master 2, which came with my camera. ib appears to be a slightly newer version, without the useful “arrange by calendar” function.
I imagine you already found it, but here’s a link to a Q&A about it:
http://www.olympus.co.jp/en/support/imsg/digicamera/qa/contents/ib/ib_a1.cfm
If it is anything like Olympus Master, you can use it to process Oly RAW files (White balance, exposure, gradation etc.), and jpegs using the edit function.
I take it you are using an Olympus camera? To develop a RAW picture, right click on the one you want to develop, and then click on “Open RAW development window” (it might be slightly different wording in ib).
If you have any specific questions, I will try to help.