Centralized Purchasing System is an official business term used to describe a system in which all purchasing decisions are made from a single location. This system is designed to streamline the purchasing process and make it more efficient. By having all purchasing decisions made from one location, it eliminates the need for multiple people to make the same decision, thus saving time and money. Additionally, this system allows for greater control over the purchasing process, as all decisions are made from one source. This system also allows for better coordination between departments, as all decisions are made from the same source. Centralized Purchasing System is a great way to ensure that all purchases are made in an efficient and cost-effective manner.