Used as a reducing agent in organic synthesis, particularly for the selective reduction of carboxylic acids to alcohols and for converting nitro compounds to amines. It is also employed in the hydroboration of alkenes, a key step in the synthesis of various organic molecules. Additionally, it serves as a stabilizer for borane in storage and transport, making it safer to handle in laboratory settings. Its applications extend to the preparation of pharmaceuticals and fine chemicals, where precise reduction reactions are crucial.