This complex is primarily used in catalysis, particularly in hydrogenation and transfer hydrogenation reactions. It is effective in reducing various organic compounds, including alkenes, ketones, and imines, under mild conditions. Its stability and selectivity make it suitable for fine chemical synthesis and pharmaceutical applications. Additionally, it is employed in asymmetric synthesis to produce chiral molecules, which are crucial in drug development. The compound is also explored in materials science for creating advanced organometallic frameworks and catalysts with tailored properties.