This compound is primarily utilized in organic synthesis as a reducing agent. It is particularly effective in the reduction of various functional groups, including carbonyl compounds and imines, to their corresponding alcohols and amines. Its application is favored in cases where mild and selective reduction is required, as it operates under relatively gentle conditions compared to other reducing agents. Additionally, it is employed in the preparation of boron-containing compounds, which are valuable intermediates in pharmaceuticals and materials science. Its stability and ease of handling make it a practical choice in laboratory settings for controlled reduction reactions.