Used as a catalyst in various organic synthesis reactions, particularly in cross-coupling reactions where it facilitates the formation of carbon-carbon bonds. It is also employed in polymerization processes, aiding in the production of specific polymers with controlled structures. Additionally, this compound finds application in the development of advanced materials, such as conductive polymers or coordination polymers, due to its ability to form stable complexes. Its presence in catalytic systems enhances efficiency and selectivity in chemical transformations, making it valuable in both academic research and industrial applications.