How do i take logs & analysis about how my web application is performing.

I am new to logging and analysis of applications. I have created an application with 3 backends which communicate to each other using http api. There are a lot of activities going on in the application. How do i know what i need to log , where to store and how to analyze and how do i get notified if something is wrong. I came across open telemetry but i have not read about it.
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