I have written the steps for creating a Library component in one of my Articles. Let's have a look to update the component now.

Steps to Update a Library Component

Step 1. Open the Library Component.

Step 2. Edit the Component.

Step 3. Save and Publish.

Step 4. Notify Other Apps.

Step 4.1. My app component is like the image below.

My component

Step 5. Test the Updates.

Going to the app where we added the component and checked for the update.

Test the Updates

Step 6. Review and Update the component.

Update the component

Step 7. My component after the update, looks like the below image.

My component after the update