Used extensively in catalytic processes, particularly in hydrogenation and isomerization reactions, where it facilitates the addition of hydrogen to unsaturated compounds. It is also employed in organic synthesis to promote carbon-carbon bond formation, making it valuable in the production of complex organic molecules. Its role in asymmetric catalysis is significant, aiding in the creation of chiral compounds essential for pharmaceuticals and fine chemicals. Additionally, it serves as a precursor in the preparation of other rhodium-based catalysts, enhancing its utility in various industrial and research applications.