This report explores the impact of new technologies, specifically Network Functions Virtualization (NFV) and Software Defined Networking (SDN), on carriers and their networks. The authors argue that these technologies have the potential to bring about significant transformational change in the industry, similar to the introduction of IP networks in the late 90s. The report highlights the challenges faced by carriers in adapting to these new technologies and the importance of choosing the right business model for each carrier. The authors also discuss the role of cloud networking and the need for carriers to drive the process of transformation in order to create value across their business. The conclusion emphasizes the importance of NFV and SDN in shaping the future of the industry.