Used as a reducing agent in organic synthesis, particularly for the selective reduction of carboxylic acids to alcohols. It is also employed in the reduction of esters, amides, and nitriles. The complex is valued for its stability and ease of handling compared to other borane reagents. It finds applications in pharmaceutical manufacturing and fine chemical production, where precise and controlled reductions are required. Additionally, it is utilized in the preparation of boron-containing compounds for research and industrial purposes.