The steps below are specific to the HP ALM / QC connector in gem name. If the connector is Jira the gem name would be rallyeif-jira. TFS is rallyeif-tfs.
To install the new build:
Back up the configs you are using in your current version of this connector before you install the new build.
Uninstall the rallyeif-qc gem for the old version of the connector you are using with the following command in a command-line window. gem uninstall rallyeif-qc
You will be asked if you want to uninstall everything that goes with it. Answer yes.
Unzip the new build file (which will create a new directory) and run the "ruby install_gems.rb" command from the new connector directory using a command-line window. This will update the gems.
Perform a "gem list" command before and after the installation and verify that there is only one rallyeif-qc gem and the version is <4.8.6>.
Copy or move your config files to the new connector directory.
Once the connector is installed you can run the connector from the new directory as you had in the last build. (Do not run the connector from the old directory)