Hi @Naveen Kumar Jain S ,
You can create an Application Insights resource that's workspace-based. The logging you're doing to you output_log.txt you can send to AppInsights using code-based monitoring. This option is real-time; however, you also have the option of ingesting output_log.txt using a logic app. You can store the log file in a storage account and the logic app will grab this file and upload it into the log analytics workspace. There's also HTTP Collector API method currently in preview that you can write code in your webjob to push that data itself.