Cannot upgrade operator from 1.1.2 to 1.2.0

As an Openshift Gitops user/admin I want to automatically or manually upgrade the operator to latest version. 

I followed the below steps to upgrade the operator but I dont see any upgrade. 
Step 1:
Install the latest released GitOps operator 1.1.1 from the OperatorHub
Step 2: (Optional)
Add the payload. For example - Create one or more applications
Step 3:
Create a public quay repository - https://quay.io/repository/<your_user_name>/iib 
Step 4:
$ git clone https://gitlab.cee.redhat.com/gitops/gitops-components-automated-testing
$ cd gitops-components-automated-testing
Step 5:
$ export QUAY_USER=<your_user_name>
$ export IIB_ID=<iib_id>
Example:
$ export IIB_ID=<80002>
Step 6:
$ oc login --token=<token> --server=<API_Server>
$ make prepare-operator-upgrade
Step 7:
Verify operator in web console

Acceptance Criteria:
Operator Upgrade from 1.1.2 to 1.2.0