This compound is primarily used as a catalyst in various organic synthesis reactions, particularly in hydrogenation and hydrosilylation processes. It is effective in facilitating the addition of hydrogen or silicon-based groups to unsaturated organic molecules, such as alkenes and alkynes. Its application extends to asymmetric synthesis, where it helps produce chiral molecules with high enantioselectivity, which is crucial in the pharmaceutical industry for creating active drug ingredients. Additionally, it is employed in the preparation of fine chemicals and specialty materials, where precise catalytic activity is required. Its stability and reactivity make it a valuable tool in research and industrial chemistry for developing complex organic compounds.