Explanation
Model records are used to define the common attributes and characteristics of hardware assets, such as manufacturer, model number, device type, category, cost, etc.1 Model records help to standardize the hardware assets and simplify the asset management process by grouping assets with similar properties1 Model records are created and managed from the Product Catalog module under the Hardware Asset Management application2 Model records are not the same as configuration items (CIs), which are any computer, device, software, or service in the Configuration Management Database (CMDB)3 Model records do not directly associate CI classes with asset classes, although they can be linked to CI classes through the Class field4 Model records are not anything capable of being owned or controlled to produce economic value, which is a general definition of an asset References: 1: Model records - ServiceNow 2: Product Catalog - ServiceNow 3: Configuration Management Database - ServiceNow 4: Create a model record - ServiceNow : [Asset Management - ServiceNow]