A consortium of 10 Canadian research-intensive universities launched a data exchange program in 1999 to share information that could be used to identify and evaluate the best practices of each institution and to help each institution position itself strategically to achieve its mission. One part of the program was devoted to collecting departmental-level academic data (instructional and financial) from these 10 institutions. This project built on two previous studies by the consortium that were experimental and limited in focus. In 2001-2002 and 2002-2003, data for six and 12 academic departments, respectively, were collected. In 2003-2004, the goal was more comprehensive: between 30 and 35 academic departments were benchmarked using 24 variables in comparisons based on selected indicators. This article presents the data from 2003-2004 as a case study to illustrate the purpose and methodology (process, variables, indicators, and ratios) of benchmarking. In addition, the article presents the results of this exercise and describes the multiple uses made of the data generated by the program. (Contains 5 figures and 6 notes.)