Used primarily as a catalyst in organic synthesis, particularly in cross-coupling reactions such as the Suzuki and Heck reactions, where it facilitates the formation of carbon-carbon bonds. It is also employed in the polymerization of olefins and other monomers, aiding in the production of various polymers. Additionally, it serves as a precursor in the preparation of other nickel-containing compounds, which are utilized in materials science and electrochemistry. Its solubility in organic solvents makes it suitable for use in homogeneous catalysis processes.