Configure centralized syslog server The Right Way

How do you experience when something goes wrong on your system. You look at the system logs, of course! In all seriousness, understanding system logging is important so that you can troubleshoot when something went wrong. In Linux system we have syslog which captures every activity occurring on the system. Generally logs are stored on the local system at location ???/var/log/messages??? .However we can configure centralized syslog server where we can dump all the logs centrally to monitor all the logs in one go.