700 is a good score to get through most other schools ,so I don't think you should be worrying more on this front. Rather what you should be worrying about is how to separate yourself from your brethren in the IT pool
Secondly, even if you plan to retake the GMAT, do so ONLY if you think that you'll be surely able to improve your score by another 40-50 points; otherwise a 720 is as good as a 700. I have seen a couple of people here on the forum who retook the GMAT even though they had a 700 or 710 and a good number of them ended up scoring below what they had scored on their first attempt .so tread with caution!