Used primarily in research and specialized catalysis, this compound serves as a precursor for synthesizing rhodium-based catalysts. These catalysts are valuable in hydrogenation and hydroformylation reactions, which are important in producing fine chemicals and pharmaceuticals. It is also employed in the preparation of thin rhodium films for electronic components and sensors due to its thermal decomposition properties. Additionally, it finds use in analytical chemistry for rhodium plating and as a dopant in materials science for modifying metal oxide properties.