This policy setting allows you to customize the label that is used for your company's SharePoint deployment. This will update the label that is used in the Open and Save As places in all Office applications.
You can use this option to make it more clear to users where they should be saving company documents.
If you enable this policy setting, the new string you provide will be used to refer to your company's SharePoint deployment. We recommend setting this to the name of your company.
If you disable or do not configure this policy setting then the default string, "SharePoint," will be displayed in the Open and Save As UI in all Office applications.