Provided is a method for facilitating for facilitating monitoring of development of software products. The actions/activities executed during the stages of a product development for a software product are tracked. Further, each activity log associated with a corresponding activity is tagged to indicate an association of a corresponding activity log with one of the stages. The activities are further classified into one of a value-added activity or a non-value added activity, based on each activity log. The development of the software product is thus monitored by way of a value stream map that is generated based on the classification of each activity. The value stream map is indicative of an efficiency score for each of the stages.