Metric benchmarking has been widely quoted as a powerful management tool. However, as useful as metric benchmarking can prove, its actual application may present several inconveniences. These include internal resistance to the project, difficulties in finding a suitable partner, finding an appropriate set of indicators, actual data management and results analysis. This paper will present general guidelines to carry out a metric benchmarking project within the water industry, as well as some tools that may be used to overcome some of these difficulties. Special attention is paid to the selection process of the performance indicators for the system. A specific method based on the cross impact analysis has been developed to provide a consistent and systematic way to reach an appropriate PI selection.