Widely used as a homogeneous catalyst in organic synthesis, particularly in cross-coupling reactions such as Negishi and Suzuki couplings. It facilitates carbon-carbon bond formation under mild conditions due to its zero-valent nickel center and labile cyclooctadiene ligands. Commonly employed in the synthesis of pharmaceuticals, agrochemicals, and fine chemicals where high selectivity and reactivity are required. Also serves as a precursor for other nickel catalysts in industrial and academic research settings. Its solubility in organic solvents makes it suitable for use in solution-phase reactions.