As always with Windows, the output isn't exactly ready for use. The best strategy is to look for privilege escalation exploits and look up their respective KB patch numbers. Such exploits include, but are not limited to, KiTrap0D (KB979682), MS11-011 (KB2393802), MS10-059 (KB982799), MS10-021 (KB979683), MS11-080 (KB2592799). After enumerating the OS version and Service Pack you should find out which privilege escalation vulnerabilities could be present. Using the KB patch numbers you can grep the installed patches to see if any are missing.
You can see the syntax to grep the patches below: