Embodiments of the present disclosure provide improved data observability mechanisms. Specifically, embodiments provide for managing event-structured observability data in a federated network and database platform. The improved mechanisms enable improved analysis of data-driven errors and/or storage of associated data for purposes of data observability processing actions and/or rendering for user analysis. Example embodiments are configured for receiving a data stream representing operational engagement of an event-structured service hosted by the federated network and database platform. Some example embodiments are further configured for generating event-structured observability data from the data stream utilizing an event processing pipeline. The example embodiments are further configured for storing the event-structured observability data in at least one event-structured observability data repository of the federated network and database platform. The example embodiments are further configured for initiating an event-driven observability action based on the event-structured observability data.