Updating Spreadsheet Data??

I am an intermediate excel user but do not have professional training.
I recently took over analysis position and my work involves lots of number crunching. Basically the guys get excel/CSV data from different sources and then we manually update our own version of spreadsheet, extracting this data. We work on stand-alone computers and I am wondering if there is an efficient and less consuming way to update the data?

For example we save the new updated data (.xls/or csv) at one location and link our spreadsheet to it so everytime when we get the master data, the linked spreadsheets automatically get updated. I am quite sure there must be a better way to update spreadsheets and not everyone is manually updating spreadsheet, particularly when data is so large.

Appreciate any helpful advise.

Regards,
Ricky

Thanks for your response Carim.
Hmm...ok, then what would be the scenario if there is network?
Maybe I can convince my folks to go for the network, if it simplifies the task of data updating in anyway.

Regards,
Ricky