Typically SMART releases updates on the web a few weeks before your automatic software updater finds it. I usually prefer to download the new versions from the web once they come out. You are not required to uninstall the previous version to install the new one, but if you are having problems you may want to. This is especially important with the Mac version which tends to experience more problems, so it is a good idea if you are on a Mac to do a complete uninstall of the previous version before installing this new updated one.
I put together the video below to show you how to use the uninstaller and then remove some additional library files. (Keep reading after the first video for a second one showing the installation itself.)
After this you will want to install the new version. You can download the new version at this link: http://smarttech.com/downloads. Here is a short video showing the installation: