Is It Possible To Refresh SharePoint So That The Reports Are Updated Immediately?

Unfortunately, there is no way to refresh any of the report to have live data.  While the report can be updated (in fact they are updated automatically each time they are opened), the underlying dataset doesn't refresh.  What this means is that reports take their data from data sets and those data sets are refreshed only once every 24 hours.

The following article explains the reporting infrastructure: SOLABS QM Reporting Infrastructure