"update" in the noun sense
information or data that updates
"do you have the latest software update?"
"I just heard the update on the unemployment figures"
the act of bringing someone or something up to date
"the server update ran overnight"
"the local news station broadcast a special weather update"
"update" in the verb sense
modernize or bring up to date
"We updated the kitchen in the old house"
bring up to date supply with recent information
bring to the latest state of technology or supply with the latest data
"tonight, I will update my operating system"
"we updated the database with the most recent figures"
Source: WordNet® (An amazing lexical database of English)
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