Widely used as a homogeneous catalyst in organic synthesis, particularly in rhodium-catalyzed reactions such as hydroformylation, hydrogenation, and C–H activation. It serves as a precursor for generating active rhodium complexes in coupling reactions, including carbonylative couplings and cycloadditions. Its labile cyclooctadiene ligands allow easy substitution, making it ideal for catalytic cycle initiation. Commonly employed in academic and industrial research for developing pharmaceuticals and fine chemicals due to its high reactivity and selectivity under mild conditions.