The increasing reliance on digital experiences has led to a growing demand for observability solutions among customers, employees, partners, and suppliers. A survey of over 1,300 software engineers, developers, IT leaders, and executives revealed that modern observability is crucial for businesses, with 90% of respondents believing it's important and strategic to their business and role. Observability empowers software engineers and developers with a data-driven approach across the entire software lifecycle, enabling better digital experiences, faster deployment, and greater cost effectiveness. However, despite its benefits, only 50% of organizations are currently implementing observability, and those who are leveraging it often struggle with tool toggling between multiple tools, hindering success. The survey provides insights into modern observability, best practices, and emerging trends, offering a path forward for organizations to chart their own path to modern observability and reap its benefits.