At my company, we used to pay 7 figures to splunk, until we realized how much data do we actually need. We cut down a lot of unnecessary logging and sent only the things that were needed.
Most of the data that was needed by business folks was sent to segment in terms of events and for genuine errors were sent to sentry with stack traces and converted most of the logs to metrics.
This helped us cut down a lot of $$ for logging and monitoring. Elastic search is a great alternative, but it takes an entire team to maintain it. I'm not sure, if its worth the time and effort.
Most of the data that was needed by business folks was sent to segment in terms of events and for genuine errors were sent to sentry with stack traces and converted most of the logs to metrics.
This helped us cut down a lot of $$ for logging and monitoring. Elastic search is a great alternative, but it takes an entire team to maintain it. I'm not sure, if its worth the time and effort.