Widely used as a homogeneous catalyst precursor in organic synthesis due to its solubility in organic solvents and ability to operate under mild conditions. It is particularly valuable in rhodium-catalyzed reactions such as asymmetric hydrogenation of alkenes and alkynes, C-H activation, borylation, silylation, and cross-coupling transformations. When combined with chiral ligands, it enables high enantioselectivity, making it essential for the synthesis of pharmaceuticals and fine chemicals. Also employed in research for developing efficient catalytic processes requiring precise stereochemical control.