There is a growing interest across the telecom industry today with Network Functions Virtualization (NFV). NFV is being evaluated in labs across the world and piloted for production rollout. In particular, larger service providers are steering their strategies around NFV to get in front of the pack and give themselves the agility they lack against the smaller and more aggressive players. A second key driver for NFV is to reduce costs while maintaining carrier class service assurance. With the fast arrival of NFV, are the current OSS & BSS tools in use today going to work in the future when NFV goes mainstream? If so, will they give the operational benefits management is anticipating to achieve with NFV or just keep doing the same thing? Let’s explore the challenges and new opportunities to achieve with service assurance in an NFV environment.