Hi DS219,
First off, a 720/Q49 is an outstanding Score, so you can comfortably apply to any Business Schools that interest you. As such, a retest is probably not necessary. Depending on the Schools that you plan to apply to, you would likely find it beneficial to speak with an Admissions Expert about your overall profile. Those Experts should be able to answer your Admissions questions and help define the specific areas of your profile that could use some improvement. There's a Forum full of those Experts here:
https://gmatclub.com/forum/ask-admissio ... tants-124/1) When are you planning to apply to Business School and what Schools are you planning to apply to? If you are planning to apply soon, then what specific application deadlines are you facing?
GMAT assassins aren't born, they're made,
Rich