To change data in a file or database.

Update and Edit
The terms "update" and "edit" are often used synonymously, although "update" is more often used to refer to changes in a database, while "edit" is more general and means to alter the content of any file (text, database, graphics, etc.).

Update and Upgrade
The terms "update" and "upgrade" are used synonymously, although "update" is more often used to refer to adding and deleting elements of data, and "upgrade" refers to installing new versions of software. However, you can "update" your software by "upgrading" to the new version. See edit.