1. A method for updating software, the method comprising: using an update applicability data model in an information handling system to define a plurality of relationships between at least one instance of at least one hardware device and at least one instance of at least one associated software component in at least one of an inventory context and a packaging context; correlating the at least one instance of the at least one hardware device with the at least one instance of the at least one associated software component in the inventory context; comparing a first instance of a first hardware device with a second instance of a second hardware device in the inventory context; comparing a first instance of a first software component with a second instance of a second software component in the inventory context; comparing a third instance of a third software component in the inventory context with a first instance of a first software component in the packaging context; comparing a second instance of a second software component with a third instance of a third software component in the packaging context; grouping the first instance of the first hardware device and the second instance of the second hardware device in the inventory context; grouping the first instance of the first software component, the second instance of the second software component, and the third instance of the third software component in the inventory context and the first instance of the first software component, the second instance of the second software component, and the third instance of the third software component in the packaging context; and determining whether to update the at least one instance of the at least one associated software component associated with the at least one instance of the at least one hardware device using the update applicability data model.