Changing compatibility from 2008 to 2016

Hi Team , 

We are planning to upgrade compatibility level from 2008 to 2016, currently the instance is upgraded to 2016 but the compatibility level  is set with 2008 . we need to change this to 2016. So what all the checklist that we need to consider . do we get any advantage by doing this (except cardinality estimation ,new builtin functions and new TSQL syntax changes ) . what all the challenges can arise ?

Thanks you in advance