Used as a homogeneous catalyst in organic synthesis, particularly in hydroformylation and hydrogenation reactions. It facilitates the addition of carbon monoxide and hydrogen across double bonds, converting alkenes into aldehydes or alcohols with high selectivity. Its phosphine ligand enhances stability and modulates catalytic activity, making it suitable for reactions under mild conditions. Also employed in carbonylation processes and coupling reactions where rhodium-based catalysts offer superior turnover and functional group tolerance.