Used as a catalyst precursor in homogeneous catalysis, particularly in reactions involving carbon-carbon bond formation such as hydrovinylation and hydrogenation. It is effective in promoting stereoselective transformations due to the bulky tricyclohexylphosphine ligands, which influence the geometry and reactivity at the cobalt center. The compound is also employed in research settings for studying cobalt-mediated radical reactions and polymerization processes. Its air-sensitive nature requires handling under inert atmosphere, limiting industrial use but making it valuable in controlled laboratory syntheses.