Paid search is all about optimizing the match between actual search queries and paid for keywords. Even if you are a master of the English language and have an broad vocabulary, it might still not be in tune with how consumers search for your product or services. Words with multiple meanings as well as broad match options might attract irrelevant searches and waste money.
Analyzing your search queries in relation to cost and conversion should be an iterative process and lead to identifying new negative keywords at the campaign level as well as candidates for new search positive keywords that are missing. Keywords in the long tail, entire phrases, are very beneficial, because they are specific and most likely cheap to bid for, if competition has not picked up on them.
There are many tips and tools to automate reports. For example, this post contains a basic Search Query Report for Google AdWords.
If you are looking into automating your AdWords account management or just want to save your time by outsourcing this to an experienced agency, Sunsprinkle LLC can help you.by