Used as a ligand in coordination chemistry, it facilitates the formation of metal complexes, enhancing catalytic activity in various organic reactions. It is particularly valuable in cross-coupling reactions, such as Suzuki and Heck reactions, where it improves efficiency and selectivity. Additionally, it serves as a precursor in the synthesis of organophosphorus compounds, which are essential in materials science and pharmaceuticals. Its role in stabilizing transition metal catalysts makes it crucial for industrial processes, including polymerization and hydrogenation reactions.