is It possible to do in Splunk. and What type of logs I need to have in Splunk?
With the splunk_TA_windows you can index logs regarding windows update from the machines where you have a forwarder installed. With that you can check the packages that are installed in each machine. I dont think you can check which patches are missing unless you already have them installed somewhere.
With these logs, you can also check for problems with windows update (check splunk lantern).