Agile and Waterfall for monitoring solutions, these methods have been around for many years and are two different approaches when it comes to delivering IT projects.
I have worked on many systems and application monitoring projects and found for software that is out of the box or shrink-wrapped, it’s better to use the waterfall methodology that the agile, this is because the functional, non-functional and features required can be defined during the design phase and then delivered upon as expected.
This methodology seemed to work much better than using the agile methodology as the requirement and sprints just seemed to get out of control due to unreasonable demands for feature rich requirement and capabilities upfront, this just seem to hamper the build and delivery process, and thus the requirements could not be met in the time, perhaps given longer time they could have been, and I believe this is to do with the fact that monitoring solutions for the enterprise require many years to become mature, you start of small and build in the key features and functions, then build up the solution and tailor it as to how you want. Agile is suited to devops and software development lifecycles, for out of the box software I would choose waterfall as this tends to be better in my opinion.