Used as a homogeneous catalyst in organic synthesis, particularly in rhodium-catalyzed C–H activation and functionalization reactions. It serves as a precursor for generating active rhodium species in coupling reactions, including hydroformylation, hydrosilylation, and cycloadditions. Its norbornadiene ligand stabilizes the rhodium center while allowing controlled release of the ligand to form reactive intermediates. Commonly employed in academic and industrial research for developing complex organic molecules, especially in pharmaceuticals and fine chemicals synthesis. Also utilized in polymer chemistry for catalyzing olefin insertion and copolymerization reactions.