Used primarily in organic synthesis and catalysis, this compound facilitates various chemical reactions, including cross-coupling reactions, which are essential in creating complex organic molecules. It is particularly effective in the polymerization of olefins, contributing to the production of plastics and synthetic rubbers. Additionally, it serves as a precursor in the preparation of other nickel-containing compounds, which are utilized in materials science and industrial processes. Its role in catalytic systems enhances efficiency and selectivity in chemical transformations, making it valuable in both academic research and industrial applications.