I currently have taken over this DB in new role and these is processing of data in VB and was wondering whether a dts would be more effective?
Possibly, it depends on what your VB is doing. DTS isn't a replacement to something like VB,but can centralise a set of specific tasks into one place in your database. If your VB populates a table, calls a bunch of storedprocedures then chucks some information out into Excel then it is possible that it might make more sense to convert it to a DTS package. You aren't limited to just importing, exporting and running SQL within DTS. You can have a VB script, for example, called as part of your package.
What kind of things is it used for?
The current db looks for fields and replaces them if with some select case statements?
Can select statements be produced in dts?
The clue is in the name: Data Transformation Services. it does exactly what it says on the tin.
It is very handy for producing a package of related tasks that you undertake repetitively and normally either takes information into the database or produces output at the other end. The bulk of my import routines normally result in me doing something to that data once I've imported it. Rather than having to import it, run this SP, that SP, go into that other db and run another couple of SPs then export some results or other into Excel for the managers to look at I just run the single DTS package which does all those steps for me.
You can use "raw" SQL within DTS if you want to though I prefer to exec a stored procedure where I can.
You can call DTS packages externally from VB for example. This might make more sense in some instances. I prefer to have the DB logic within the DB rather than the application and it is arguably easier to amend a DTS package on the server rather than have to amend your application because something has been altered in the way the information is placed into your db.
Again, in the first instance I'd suggest searching "DTS basics" in Books Online