Use the installers to install the new version. Best practice is to use a new folder for the installation and integrate the version of inspectIT into the folder name.
Necessary adaptions
From version 1.7.9 inspectIT is compatible with influxDB version 1.2. You can freely update the version of influxDB in order to get latest features and bug fixes. inspectIT does not provide any guarantee that it's backward compatible with older influxDB versions.