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Why is revising/correcting needed?

Short answer:

Changes in the text. Since 1984, more ancient copies of Biblical texts have been discovered, helping us establish a more faithful base text for translation. These changes have been incremental, and (IIRC) there have been no changes to the text of Biblia Hebraica Stuttgartensia or Novum Testamentum Graece, but changes to the apparati and the published fascicles of the Editio Critica Maior will inform the Committee on Biblical Translation and help them select the best readings. There has been a major revision of the Septuaginta, and I think another edition or two of the Stuttgart Vulgate, and those will help especially where the Hebrew is unclear.
New understanding of ancient languages. Scholars have made strides in the understanding of Hebrew with recent archaelogical discoveries and the study of cognate langauges.
Changes in English usage. The generic masculine pronoun is falling out of favor, especially among academe and the young. This is probably the most important impetus for a revision of the NIV.

More complete and specific justifications for translation or revision can be found in the preface of most Bibles.

And let’s see what does GOD say about His Word and Who will instruct us in understanding.

The Holy Spirit will be the one to transmit the knowledge of God direct to us.

1. “But God has revealed them to us through His Spirit. For the Spirit searches all things, yes, the deep things of God. For what man knows the things of a man except the spirit of the man which is in him? Even so no one knows the things of God except the Spirit of God. Now we have received, not the spirit of the world, but the Spirit who is from God, that we might know the things that have been freely given to us by God.” (1 Corinthians 2:10)

2. “But the Helper, the Holy Spirit, whom the Father will send in my name, HE WILL TEACH YOU ALL THINGS, and bring to your remembrance all things that I have said to you.” (John 14:26)

3. “However, when He, the Spirit of truth, has come, HE WILL GUIDE YOU INTO ALL TRUTH ...” (JOHN 16:13)