The Wildcard search feature allows you to search for a specific search term(s) that appears anywhere in a name, or title when choosing a list item such as:
Any other list
When the Wildcard feature is enabled, it will allow you to search at the beginning, middle, or end of the field no matter what order the words you are searching for appears.
For example, if your vendor is named: "Acme Widgets":
If you do NOT have the wildcard turned on, then you would need to type in "Acme" to find the vendor. Typing in Acme would find all vendors that BEGIN with the word "Acme", including Acme Widgets
If you turned wildcard on, then you could type in "Widgets" and it would find ANY vendor with the word "Widgets" ANYWHERE in the name. If you typed in "Acme" then it would find ANY vendor with the word "Acme" ANYWHERE in the name.