Implementing a comprehensive strategy that incorporates structured logs, detailed metrics, and distributed tracing provides full observability into the application's health and performance. Structured logs allow capturing consistent and context-rich logging data, detailed metrics offer quantitative information about the system's operation, and distributed tracing enables tracking of individual requests as they flow through the system, linking the metrics and logs to provide a complete picture of the application's behavior. Caching data optimizes read times but doesn't contribute to observability. Similarly, setting up a single metrics dashboard provides a view but not in-depth tracking of individual requests. Configuring alerts for errors ensures an incident response but does not facilitate ongoing analysis of system performance and behavior.