Used as a homogeneous catalyst in organic synthesis, particularly in transfer hydrogenation and C–H bond activation reactions. It serves as a precursor for generating active iridium catalysts in the reduction of ketones and aldehydes under mild conditions. Also employed in the development of luminescent materials and in some cases, in the catalysis of polymerization reactions. Its stability and reactivity make it valuable in both academic research and industrial applications involving transition metal-catalyzed transformations.