This specify the part that each contact plays in an account, case, contract, or opportunity. With this, your sales team always knows who to contact and when. While configuring, specify the part that each contact or person account plays in your business process.
Steps:
Setup | Contact Roles <on Accounts, Opportunities, Cases, Contracts>| Modify the picklist values as needed. You can even create new values and add color to the values whenever they appear in charts | Save
Later, Add the Contact Roles related list to the appropriate page layout.
Visual: https://www.youtube.com/watch?v=5J-xRqNHgtQ
Reference : https://help.salesforce.com/s/articleView?id=sf.sales_core_contact_roles.htm&type=5
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