Used as a catalyst in organic synthesis, particularly in reactions involving C–H activation and cross-coupling transformations. It serves as a cobalt source in electroplating baths, where it contributes to the deposition of wear-resistant and magnetic cobalt coatings. Employed in the preparation of other cobalt-based complexes for use in industrial and academic research. Also utilized in certain polymerization processes as a catalyst or initiator. Its solubility in polar solvents makes it suitable for homogeneous reaction systems.