The record view icon 
allows you to see only certain fields of a record. The icon is a funnel, because it is essentially a compressed view of the record. This can be helpful if as part of your workflow you only need to see a limited number of fields and not the whole record (for example ITP revision).
We can set up a default record view on the user level.
Currently, only a limited number of views have been set up. Additional views can be set up in the backend based up on your requirements.