Functionality of the Supplier Type Field in Supplier Profile

Summary

I would like to understand the purpose of the Supplier Types field and if it offers any functionality beyond reporting.

Content

I would like to understand the purpose of the Supplier Types field, which is found on the supplier profile page. Our company is currently not using this field and we are unsure if there is any use for it beyond reporting. I would appreciate any information you have about this field or if you would please tell me how you are using it today. For example, Is there any way to use this field to group suppliers and set rules in the BPM (i.e. exclude invoice approvals for certain supplier types)?