Quantum mechanics experts haven't come to a consensus on resolving the issue of the collapse of the wavefunction, but we can describe the measurement process as an entangling between system and measurement device (i.e., by a coupling Hamiltonian correlating the two), where the possible outcomes of the system become correlated to specific states of the measurement device.
We won't be able to tell which outcome is measured, but it is possible to say how much information is gathered by looking at the duration and the strength of the coupling between system and device.
As a neat example, in weak measurement, the coupling is weak and for a short enough time that the state of the system is negligibly perturbed, while we still learn something about the distribution of outcomes of the observable we weakly measure. The idea is to then strongly measure in another observable so as to get some information, say, about both the position and momentum statistics of a system, or about both the amplitude and phase of a quantum wavefunction.
The limitations of what information can be gathered can be described by information exclusion relations (derived from entropic uncertainty relations). What they say is that the more position information a measurement gathers, the less momentum information it can also gather. The total amount of information is bounded from above by a constant that depends on the particular experiment. These information exclusion relations don't form a dynamical theory of measurement, but the coupling Hamiltonian approach can be thought of as such.