When you renovate or improve something, changing it to make it more modern, you can say you update it. The process of doing this can also be called an update.
If you decide to download the latest version of an app or program, you update it, and when you add recent information to your resume before starting a job search, you also update that. You might also update your friends about your job hunt, letting them know you're seeking employment — you're giving them the latest information, or an update. The verb dates from the 1940s.