Used as a homogeneous catalyst in organic synthesis, particularly in hydroformylation and hydrogenation reactions. Facilitates the conversion of alkenes to aldehydes by promoting the addition of syngas (CO and H₂) under mild conditions. Also employed in carbonylation processes where carbon monoxide is inserted into organic molecules to form carboxylic acids or esters. Its high solubility in organic solvents allows for efficient catalytic activity in liquid-phase reactions. Additionally, serves as a precursor for other rhodium-based catalysts in industrial and laboratory settings.