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During the information technology budgeting process, experts say expensive mistakes include cutting corners on security, splurging on ineffective new tech tools and not aligning future technology investments with existing strategy.

“One of the biggest challenges is identifying what technology will be the most beneficial,” said Teresa Trostel, director of IT at Red Rocks Credit Union in Highlands Ranch, Colo. “Sometimes we have a change mid-year on strategic direction and we need to move in a new technology direction, but often what we now need isn’t in the budget.”

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