Used as a versatile catalyst in organic synthesis, particularly in transfer hydrogenation reactions. It facilitates the reduction of ketones and aldehydes to alcohols using hydrogen donors like isopropanol. Also employed in asymmetric catalysis when paired with chiral ligands, enabling the formation of enantiomerically enriched products. Its stability and reactivity make it suitable for fine chemical and pharmaceutical intermediate synthesis. Additionally, it serves as a precursor for other iridium-based catalysts in C–H activation and cross-coupling reactions.