Widely used as a homogeneous catalyst in organic synthesis, particularly in rhodium-catalyzed reactions such as hydroformylation, hydrogenation, and hydrosilylation. It is especially effective in promoting asymmetric transformations where high selectivity is required. Its solubility in polar organic solvents makes it suitable for use in biphasic catalytic systems. Commonly employed in the synthesis of fine chemicals, pharmaceuticals, and chiral intermediates due to its ability to form active catalytic species under mild conditions. Also utilized in C–H activation and coupling reactions, where it serves as a precursor to highly reactive rhodium complexes.