In a nutshell...

"Changing technologies have been accompanied by changes in research habits, scholarly communications patterns, campus roles, and more. These changes offer exciting new opportunities, but also pose significant challenges for those who serve the higher education community. In order to be effective, librarians, information technologists, academic administrators, and others concerned with facilitating research, teaching, and scholarly communication in a changing world must keep up with the complex and evolving needs and attitudes of scholars. For libraries in particular, a deep understanding of the information needs of a scholarly community and how existing services mesh with these needs is essential in order to effectively serve and remain relevant on the modern campus. To succeed in the internet age, libraries must be aware of which traditional roles are no longer needed and which potential roles would be valued, and strategically shift their service offerings to maximize their value to local users."

From ITHAKA’S 2006 Studies of Key Stakeholders in the Digital Transformation in Higher Education.

Thoughtful comment on it here which asks

why are we only considering the role of the academic library as gateway, archive and buyer? I would argue this report needs to add a new dimension for faculty to consider - the academic library’s role as learning center and instruction partner. Where this study seems dated to me is that it focuses on the academic library’s traditional role as collector, organizer and gateway provider.

Thanks to Lorcan for the link.