Data observability is essential in the life sciences sector due to the growing volume and complexity of healthcare data. Best practices include real-time monitoring solutions, leveraging predictive analytics, enhancing data quality and integrity, conducting regular audits, operationalizing data governance policies, employing metadata management, establishing a robust data governance framework, implementing automated data checks, utilizing machine learning for anomaly detection, ensuring real-time data monitoring and alerts, actively observing data from diverse sources, enhancing data traceability and lineage, holding accountability for data issues, using advanced analytics for predictive insights, investing in scalable data infrastructure, and leveraging Acceldata's solutions.