Oracle announced the availability of Oracle Tax Analytics 2.0, an enterprise data warehouse solution that addresses public sector agencies’ multi-purpose operational and predictive analytical needs for tax and revenue management.
The solution includes a pre-built Oracle Tax Data Model that is designed to integrate and store transactional and historical data from multiple sources – such as data from the Census Bureau or Department of Motor Vehicles – and then analyze current and historical information to make predictions about taxpayer behavior and motivations. This enables organizations to take the most effective compliance and risk management actions.
Oracle Tax Analytics also includes pre-built operational analytics and performance monitoring functionality that enables public sector organizations to set specific objectives (i.e. improve collections), define key performance indicators (KPIs) (i.e. total amount of tax or outstanding debt collected) and revise objectives based on results. This functionality brings together KPIs from all departments to present agency-wide performance reports to executives. It also enables organizations to drill into individual departments’ dashboards to better understand why an objective or KPI is above or below target.
With Oracle Tax Analytics, public sector organizations can continuously monitor progress and get consistently accurate results, without requiring IT intervention or an army of business analysts to manually calculate each KPI. This ensures accurate and consistent calculations across the agency, provides all users access to the same information, and enables timely issue identification – ultimately making the entire analytics and performance monitoring process more efficient and effective.
“Today, public sector agencies face unique 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,” said Mark Johnson, senior vice president, Oracle Public Sector.
Oracle industry solutions leverage the company's best-in-class portfolio of products to address complex business processes relevant to public sector, helping speed time to market, reduce costs, and gain a competitive edge.
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