Used as a precursor in the synthesis of homogeneous catalysts for various organic transformations, particularly in hydroformylation and hydrogenation reactions. Plays a key role in the development of rhodium-based complexes for catalytic C–H activation and cross-coupling reactions. Employed in research laboratories for the preparation of other rhodium compounds and materials. Also utilized in electroplating processes to produce wear-resistant and reflective surfaces. Shows potential in catalytic converters for reducing nitrogen oxides in exhaust gases, though limited by cost and availability.