Is it feasible to implement a combination of centralized and decentralized approach in an organization?

Centralized approach has the advantage of enhancing administrative functions of a company. It reorganizes and simplifies the processes, by formulating itself into a single business unit. It takes complete command over all the resources and decisions associated with all the departments.  Thus, it has an added advantage in maintaining the financial system of a company far better than decentralized organizations. However, a decentralized strategy believes in relying on lateral relationships. Such organizations believe in not confining decision making to just the senior most executives but take the collective opinions of all employees at different levels connected to their orb of responsibility. So, which is better centralized or decentralized approach or combination of both?

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