This iridium(I) complex serves as a versatile catalyst precursor in organic synthesis, particularly for hydrogenation reactions, C-H activation, borylation, and other transition-metal-catalyzed transformations. Its labile ligands allow for easy activation, enabling selective and efficient organic reactions. Additionally, it is used in materials science for the deposition of iridium thin films via chemical vapor deposition (CVD) or atomic layer deposition (ALD), which find applications in microelectronics and advanced devices, including components for OLEDs and other optoelectronic systems. The compound's stability and unique reactivity make it valuable in both academic research and industrial processes.