Hi AYUSH198,
First off, a 720 is an outstanding overall Score, so it's likely that you can apply to any Business Schools that interest you - and a retest might not be 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 and plans. Those Experts should be able to answer your Admissions questions and help define the specific areas of your profile that could use some improvement (and the more time that you have to act on that advice, the better). There's a Forum full of those Experts here:
https://gmatclub.com/forum/ask-admissio ... tants-124/There's certainly no harm in retesting, but we'll need to better define your prior studies in more detail first. In addition, if you took your Official GMAT at a Test Center, then you might also choose to purchase the Enhanced Score Report. While the ESR doesn’t provide a lot of information, there are usually a few data points that we can use to define what went wrong on Test Day (and what you should work on to score higher). If you purchase the ESR, then I'll be happy to analyze it for you.
GMAT assassins aren't born, they're made,
Rich
Contact Rich at: Rich.C@empowergmat.com