This complex is primarily utilized in organic synthesis as a reducing agent. It is particularly effective in the selective reduction of various functional groups, such as carbonyl compounds, to their corresponding alcohols. Its application extends to the reduction of esters, amides, and nitriles, where it provides high yields and excellent selectivity. Additionally, it is employed in the synthesis of fine chemicals and pharmaceuticals, where precise control over the reduction process is crucial. The complex is also used in hydroboration reactions, facilitating the addition of boron-hydrogen bonds to alkenes and alkynes, which are valuable intermediates in further synthetic transformations. Its stability and ease of handling make it a preferred choice in laboratory settings for complex reduction processes.