Great tool, but like anything it’s only as good as the data and work that goes into it. A few thoughts...
1.  Do you need Splunk or does an ELK stack do the job? I love Splunk and have used in the last 4 orgs I’ve worked at. The community is big and talent to support is pretty easy to find. It does come with a price tag and IT\Cyber budgets can take a hit. An ELK Stack may be all you need but does have a learning curve. Make sure you understand the use case. Splunk has a great community and rock solid tech. *Big fan of Graylog as an alternative if the use case is not there.
2. Know and understand the logs and events you want to ingest before on-boarding (the daily ingestion license can be annihilated quickly), not all data is good data.
3. Learn the Splunk Common Information Model (CIM) and avoid deviation at all costs. Data hygiene is paramount, clean-up time consuming. It is also a critical piece to Splunk ES, ITSI and UBA premium apps down the road.
Happy to answer any other questions, I’m sure there is a lot of expertise lurking in the UtahSec community as well.
BruceÂ