Widely used as a homogeneous catalyst in organic synthesis, particularly for hydroformylation and hydrogenation reactions. It facilitates the addition of hydrogen and carbon monoxide across double bonds, converting alkenes into aldehydes. Also effective in catalyzing carbonylation and hydrosilylation processes, offering high selectivity under mild conditions. Its stability and solubility in organic solvents make it suitable for industrial and fine chemical applications where precise control over reaction pathways is required.