This complex is primarily utilized as a reducing agent in organic synthesis, particularly for the selective reduction of various functional groups. It is effective in converting carboxylic acids, esters, and amides into their corresponding alcohols or amines. Its application is favored in cases where milder and more controlled reduction conditions are required compared to other reducing agents. Additionally, it is used in the synthesis of fine chemicals and pharmaceuticals, where precise reduction steps are critical. The complex also finds use in polymer chemistry, aiding in the modification of polymers through reduction reactions. Its stability and ease of handling make it a valuable tool in laboratory and industrial settings.