The pancreas is a pinkish white gland located near the stomach and small intestine that has both exocrine and endocrine functions. It secretes digestive enzymes and bicarbonate into the small intestine through its exocrine function and regulates blood sugar through hormones like insulin and glucagon via its endocrine function. The pancreas is important for both digestion and blood glucose control as it works closely with other organs in the digestive system and body.