The new application comes with a pre-built Oracle Tax Data Model which can integrate and store transactional and historical data from multiple sources
Oracle has released Tax Analytics 2.0 version of its data warehouse application which claimed to offer public sector agencies enhanced visibility into tax and revenue management operations for taking informed decisions.
The application comes with a pre-built Oracle Tax Data Model which can integrate and store transactional and historical data from multiple sources including data from the Census Bureau or Department of Motor Vehicles.
The application also claimed to analyse current and historical information to make predictions about taxpayer behaviour and motivations through the historical data.
Comes pre-built operational analytics and performance monitoring functionality, the new application will allow public sector organisations to fulfil specific objectives like improving tax collections, define key performance indicators like total amount of tax or outstanding debt collected and revise objectives based on results.
The new application will allow public sector enterprise to monitor progress to get accurate results without requiring IT intervention, the company said.
Oracle Public Sector senior vice president Mark Johnson said that public sector agencies today face challenges including the need to increase revenue without raising taxes, to improve and expand taxpayer and citizen services as well as to run an efficient business operation that performs within budget.
"Effective business intelligence is more critical than ever. Using Oracle Tax Analytics 2.0, public sector agencies can better understand their tax and revenue operations and make more informed decisions that can lead to better taxpayer service, improved operational efficiency and increased collections and compliance," Johnson said.