How to Change Status Automatically When a Specific Update is Received in an Item

Hi everyone! I need help automating a process in Monday.com. I want the status column of an item to automatically change to “Submitted” when a specific update is added to that item, such as when a team member submits a form. For example, if an update like “This member has submitted the form” is added to the item, the status column should automatically change to “Submitted.” Is there a way to set up this automation? Any guidance would be greatly appreciated. Thank you!