This compound is widely used as a catalyst in various organic synthesis reactions, particularly in hydrogenation processes. It facilitates the addition of hydrogen to unsaturated organic compounds, such as alkenes and alkynes, converting them into saturated hydrocarbons. It is also employed in hydroformylation reactions, where it helps convert alkenes into aldehydes. Additionally, it plays a role in carbonylation reactions, aiding in the formation of carboxylic acids and esters from alcohols or alkenes. Its effectiveness in these processes makes it valuable in the production of fine chemicals, pharmaceuticals, and industrial intermediates.