Yes currently all the reports operate quite efficiently on a set of indexes. The performance of the database is currently very good with the reports in PL/SQL. The problem arises when the reports are generated using application logic on another server. Let's say we have a report for the last 10,000 records. For each of those records, I have to query the database again for some other time series information. If the latency between the reporting server and database server is 2ms, that report is going to take 20 seconds to generate.
Edit: If you're saying mirror the time series data onto the application server to avoid the network roundtrip, I guess that is possible but we still face the SQL overhead with each query.