Hi shulalawoolala
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. There's a Forum full of those Experts here:
https://gmatclub.com/forum/ask-admissio ... tants-124/Before I can offer you the specific advice that you’re looking for, it would help if you could provide a bit more information on how you've been studying and your goals:
Studies:
1) How long have you studied?
2) What study materials have you used so far?
3) How have you scored on EACH of your CATs/mocks (including the Quant and Verbal Scaled Scores for EACH)?
Goals:
4) What is your overall goal score?
5) When are you planning to apply to Business School?
6) What Schools are you planning to apply to?
GMAT assassins aren't born, they're made,
Rich