Benchmarking has traditionally been viewed as a way to compare data only; however, its utilisation as a more investigative, research-informed process to add rigor to decision-making processes at the institutional level is gaining momentum in the higher education sector. Indeed, with recent changes in the Australian quality environment from the Australian Quality Assurance Agency (AQUA) to the Tertiary Education, Quality and Standards Agency (TEQSA), benchmarking has become a pragmatic tool in comparing themes and discipline standards across the sector. The paucity in benchmarking literature and institutional research is a key driver for universities to build capacity to use benchmarking both as a practical tool and as a research process to inform institutional decision-making. The University of Tasmania (UTAS) has been involved in seven benchmarking projects in the period from 2009 to 2012. This article will provide a brief overview of each benchmarking exercise and the lessons learnt along the way. It also outlines how the university has built capacity to inform strategic decision-making by using different types of benchmarking. [This article was first presented at the Annual Conference of the Australasian Association for Institutional Research, Evolution of IR practice and use of IR, Terrigal, New South Wales, November 12-14, 2013.]