We are looking at revamping out Performance Management system and researching best practices.
Primarily:
-Identify what other global organizations are doing regarding processes, forms, tools, practices, etc. for performance management.
-Collect philosophies, examples, competency models and business cases.
If you have any practices to share, I would appreciate it. Thanks

It seems like it would make more sense to study your own organization. "Best practices" in one organization will not necessarily transfer to a "best practice" in your organization.

That said, what are the best practices in your organization right now? What exactly are you hoping to revamp? A little more detail would help. Throwing out the whole kitchen sink makes me think that this is basically a start-up thing.

One area of a robust performance management system will need to address the area of employee development. Here is a brief article that might be helpful : The Ultimate Use for 360 Feedback