This complex is primarily used in catalysis, particularly in hydrogenation and transfer hydrogenation reactions. It is effective in reducing various organic compounds, including ketones, aldehydes, and imines, to their corresponding alcohols or amines. Its stability and selectivity make it suitable for applications in fine chemical synthesis and pharmaceutical manufacturing. Additionally, it is employed in asymmetric catalysis to produce chiral molecules, which are crucial in the development of enantiomerically pure drugs. The compound’s robust structure allows it to operate under mild conditions, enhancing its utility in industrial processes.