Used as a catalyst precursor in homogeneous catalysis, particularly in cross-coupling reactions such as Heck, Suzuki, and Sonogashira reactions. Its ligand structure enhances solubility and stability in organic solvents, improving catalytic efficiency. Commonly employed in the synthesis of pharmaceuticals, agrochemicals, and fine chemicals where controlled reactivity and high turnover are required. Also utilized in research for developing new palladium-catalyzed transformations due to its well-defined coordination environment.