@developer_1 ,
There are many methods to bulk update a table with relationship columns, but the one which I think is the most mature is through Dynamics.
Canvas App method
Create a temporary single line text column which holds the relationship value and run the import. After the import is complete, create the Lookup column which is going to be the actual relationship column (if that column does not exist already). Then in a Canvas app, use Collections and a Patch function to update up to 2000 records using the temporary text column as a reference.
GUID method
If you can identify what the GUID is for each related item, you can paste the GUID into the data import and the relationship column will update. I put together a post about this for user names for example here:
https://powerusers.microsoft.com/t5/Microsoft-Dataverse/How-can-i-import-the-excel-file-to-Dataverse-table-that-contain/m-p/2149961#M29795
Dynamics 365 method (best)
I will put a blog post on the basic steps when I have a moment later this week but the below instructions work:
https://softchief.com/2021/06/18/import-related-entity-records-using-data-import-in-dynamics-365-ce-importing-lookup-fields/
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