This chemical is widely used in catalysis, particularly in organic synthesis. It serves as a precursor for rhodium-based catalysts, which are essential in hydrogenation, hydroformylation, and isomerization reactions. Its ability to facilitate the activation of hydrogen and other small molecules makes it valuable in producing fine chemicals and pharmaceuticals. Additionally, it is employed in asymmetric synthesis to create chiral compounds with high enantioselectivity, which is crucial in drug development. Its stability and reactivity in various organic transformations make it a preferred choice in industrial and academic research settings.