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They allow you to determine possible outcomes without having to set up large and costly experiments. In the pharmaceutical industry for example they use animal tissue models to test drugs on to give them some idea what the drug will do to people before they set up actual clinical trials costing millions to try it out on people. If it kills the tissue cultures or has no effect then they need to do more research before trying it on people.

In ballistics if they came up with a new design of rocket they could build a smaller scale model to see if it flies the way they want it too, if the extra flets make it too bottom heavy etc.

In chemistry it's useful to use molecular models to look at bonding patterns before attempting to make a new compound.

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