Large Language Model (LLM) observability and monitoring are critical processes for ensuring the reliability and performance of AI systems, particularly when these models are deployed at scale and interact with numerous users. Monitoring involves continuously tracking an LLM's performance, alerting teams to issues like degraded response times or harmful outputs, while observability provides deeper insights into the root causes of these issues by analyzing detailed logs and metrics. Together, they enable proactive identification and resolution of problems, helping to mitigate risks such as reputational damage, performance degradation, and compliance breaches. Effective implementation requires focusing on various pillars, including model performance, data quality, bias detection, system performance, and user experience. Humanloop offers a platform that integrates real-time observability and evaluation tools to help engineering and product teams maintain control over their AI products, providing comprehensive insights into model behavior and facilitating continuous optimization.