There are many cases where firms try to innovate the process and organization through benchmarking global firms' best practices. However, it is hard to find success cases, because deliberate and refined strategy and implementation process are required for the successful benchmarking of other firms' best practices. Starting from recently, Hyosung Power & Industrial Systems PG has been trying to rebuild and innovate its organization through introducing Toyota Production System(TPS), which is Toyota's core competence for efficient production, in order to survive in the global hyper-competitive market. This study shows the whole processes, systematic implementation of strategy, and firm's efforts to benchmark TPS for substantially better performance via Hyosung Power & Industrial Systems PG case. Finally, we found key success factors for benchmarking and diffusion of global firms' best practices such as establishing detailed goals based on field experience, CEO's active participation and support, organizing task force team and outside expert consultants' support, reinforcing internal education and practice program, and systematic evaluation and compensation.