Modern observability systems are undergoing a transformative architectural shift similar to what business intelligence experienced a decade ago, as they move away from monolithic, tightly coupled platforms toward decoupled, cloud-native architectures. This evolution is driven by the exponential growth in data volumes, which has made traditional all-in-one observability solutions costly and inflexible. By separating components like ingestion, storage, compute, and visualization, organizations can leverage specialized tools such as OpenTelemetry for data collection, Cribl Stream for routing, and Grafana for visualization, enabling greater flexibility and cost efficiency. A central element in this shift is the emergence of the Observability Warehouse, exemplified by Imply Lumi, which offers a unified data layer that combines the cost benefits of cloud storage with the speed and interactivity required for real-time analysis. Lumi's architecture allows for efficient, indexed querying of semi-structured, high-cardinality observability data, maintaining the openness, scalability, and performance that modern engineering teams demand. As this new model gains traction, it promises to redefine how enterprises handle telemetry data, providing a scalable, open, and instantly accessible solution for the future of observability.