PurposeCurrently there is a need for an updated assessment model that addresses and reflects the ongoing diversity of issues related to collection evaluation in academic libraries. The purpose of this paper is to provide conceptual guidelines and a model to support collection evaluation and assessment in this time of unstable and constantly changing patterns of information.Design/methodology/approachThe paper provides a literature review of the collection evaluation and assessment. Based on an analytical study of environmental factors and their relationship to, and impact on, the library collection, the authors propose a new model of collection evaluation to address the needs of the current environment.FindingsThe paper identifies environmental factors in collection evaluation, establishes a set of ratios that need to be addressed and finally, provides a set of indicators for collection evaluation and assessment that can be selected from, and adapted to each library's needs.Research limitations/implicationsThis paper bridges two different collection evaluation models, collection‐based and user‐based. It identifies that there is not a single appropriate collection evaluation method. It provides a different perspective to a body of literature that is mostly best practice‐based.Practical implicationsWith this research a new model is suggested that provides flexibility and adaptability. It offers a multidimensional approach that libraries can use and adapt to their specific situation.Originality/valueThe new model suggested here addresses a current need generated by a changing information environment. It adds a new approach to the body of literature in the area of collection evaluation.