I'm reminded of that scene in Star Trek II where Kirk goes to Spock and says something to the effect of: "These trainees of yours, how good are they really? How would they respond under real pressure?"
Spock replied: "As with all living things: Each according to his gifts."
IT has weathered similar scenarios in the past, and we are to some extent victims of our own success. It wasn't that long ago you almost had to have on-site IT support because remote support tools (and their associated networks) hadn't matured. As those tools matured and became less expensive fewer people could support more systems and end users in more locations. Now it's not at all unusual for someone to offer end user support to someone literally half a world away.
To be certain, the real costs of collecting, storing, managing and disseminating data are rising. And while funding does need to be addressed, it is equally important to look for the opportunities to come up with ways to mitigate those costs, whether it is new technology or new business models or something entirely different.
Of course, that leads us right back to if we find ways to "do more with less" then we will be expected to "DO MORE with less".
Finally, there is the sales & marketing issue. Businesses are looking to improve and gain competitive edge, and the current "Big Data" hype is a prime example. My own company had a town hall with the GM not long ago and he stated he flat out told sales "don't sell anything we can't f-ing deliver." I mean he LITERALLY used the word and everyone's jaws dropped. It's a challenge, but managing everyone's expectations and understanding of what our products/services can and can't do is critical.
Just my $0.02 from over here in the cheap seats of the peanut gallery - please adjust for inflation and/or your local currency.