Please follow the steps given below in sequence and execute instructions in the KB articles to complete the update:
Also, there are some SQL commands used in this build (7.2.11), which are supported in SQL 2012 or later. So it is required that you install SQL version 2017 or 2019 using below KB articles
Once done, you have to move your MachPanel DB from old SQL instance to the newly installed SQL. For that you can follow below KB article
If you are using MachPanel Rest API, please follow link below to update to latest version of Rest API:
Update to Latest MachPanel REST API