This paper identifies and reviews current benchmarking approaches in terms of both internal and external elements of benchmarking, with a focus on process, content and performance. A supply chain approach to benchmarking is then considered and discussed, particularly in terms of how these techniques came into being, the frameworks used and the philosophy underpinning each technique. Comparisons are made of the differences of each approach both at a framework and philosophical level. Discussion on why these differences may exist is presented. Identifying why differences exist provides a platform for understanding the limitations of supply chain benchmarking, particularly when its use is in fostering innovation, organizational change and improvement. A model to evaluate and facilitate organizational transformation is proposed, utilizing an action learning approach. Both internal and external factors are considered. The model is discussed in the context of a case study of a manufacturing enterprise in Australia.