Widely used as a homogeneous catalyst in organic synthesis, particularly in rhodium-catalyzed addition reactions such as hydroformylation, hydrosilylation, and conjugate additions. It serves as a precursor to active rhodium catalysts due to the labile cyclooctadiene and methoxy ligands, which readily dissociate to allow substrate coordination. Commonly employed in asymmetric synthesis when paired with chiral ligands, enabling the formation of enantiomerically enriched products. Its solubility in organic solvents makes it suitable for use in solution-phase reactions under mild conditions. Also utilized in C–H activation and cross-coupling transformations in pharmaceutical and fine chemical manufacturing.