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"data is being updated from an external source" - where is this being processed?

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Hello there, i have an excel file fetching rows form an oracle database, my question is, where is the information being processed at? I noticed barely 1% of network and processor activity and it takes about 1 minute to fetch 15 000 rows when the file is ran locally on the desktop

This is a windows 7 x64 machine running office 2007


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