The report specifically addresses the relationship between service creation, management and orchestration, and resource control in the NFV and SDN domains. We bring some clarity to the role and relationships of catalog driven service creation and service chaining, the linkage between policy management and streaming network analytics to create a closed loop system, and evaluate the broader benefits of linking customer experience analytics and API gateways to support new digital services. It includes a current view on the direction of major CSPs software architecture, pre-deployment examples, and recommendations for CSPs and Suppliers to cross the NFV/SDN chasm. This report on managing the future Telco cloud is intended to be used as a guide for architects, product managers, developers, and implementers that will be designing, developing, and implementing software systems for both virtualized and non-virtualized infrastructure services. Despite the benefits of virtualization, not all components will be virtualized but the software systems must evolve to create and manage a hybrid infrastructure. NFV and SDN will enable agility and yield improvements in operating efficiency but operators are looking for additional innovations that come with the Telco cloud.