POM, or Project Object Model, is a fundamental concept in the Apache Maven build automation tool. It serves as a configuration file, typically named `pom.xml`, that defines a project's structure, dependencies, and build settings. This XML file allows developers to manage project information, such as its version, packaging type, and required libraries. In addition to managing dependencies, POM facilitates the execution of various build tasks, such as compiling code, running tests, and packaging applications. By using POM, developers can streamline their workflow and ensure consistency across different environments, making it easier to collaborate on software projects.