This compound is primarily used in catalysis, particularly in organic synthesis. It serves as a catalyst in various reactions, including hydrogenation and hydrosilylation processes. Its ability to facilitate the addition of hydrogen or silicon-hydrogen bonds to unsaturated compounds makes it valuable in the production of fine chemicals and pharmaceuticals. Additionally, it is employed in research and development for studying coordination chemistry and catalytic mechanisms. Its stability and reactivity under controlled conditions make it a useful tool in advancing chemical synthesis methodologies.