Santhosh, if you ask me I would just suggest to retake the GMAT. I don't believe that everyone needs a 720+, but I do think you can do better than a 580.
The problem with such a low score is that you have to go to really small and not well known schools, and then the value of an MBA becomes questionable. Think about it: you will spend a LOT of money, you want to make sure that at the end of the line there is a good job for you, with a good salary. And the best way to do that is to prepare the best application you can with the highest GMAT score you can get.
So personally, I suggest a retake, even if you really dont want to.
If you like the post, give it a KUDOS!