Xcelsius with BW Queries taking a lot of time to open/save/publish

I have recently designed my first Dashboard using Xcelsius 2008(5.3.0.0, Build Number 12.3.0.670) connected to BW queries(we are on 7.01 SP 5) using SAP Netweaver BW Connection. While the file size jumped from 3MB(before connecting to BW Queries) to 88 MB (after the connections to BW queries). I have 10 Bex Queries embedded in the Dashboard and every time I'm trying to open the Xcelsius file, it takes a lot of time(as long as 15 minutes) and even if I make a small change and save it, it takes another 15-20 muntes and while Publishing it to BW role it is taking another 15-20 minutes.

I'm sure we are missing something here and thus running it to this issue. Can someone throw some ideas please?