I'll answer no.
To manage "reports" many will turn to report tools like Crystal Reports and other such things.
The method you note is fine for one-off creations, but I've run into people that do nothing but duke it out daily with just Office.
I am trying to create a fairly complex report using Word as my report base and integrating numerous Powerpoint and Excel files into the document. Is there a mechanism that makes this process manageable? Thanks.