Used primarily as a catalyst in various organic synthesis reactions, including hydrogenation, hydroformylation, and carbonylation processes. It is particularly effective in converting alkenes to aldehydes and ketones. Additionally, it serves as a precursor in the preparation of other rhodium compounds, which are utilized in industrial and research applications. In electroplating, it is employed to deposit rhodium coatings on surfaces, enhancing their durability and resistance to corrosion. It also finds use in analytical chemistry as a reagent for detecting specific ions or compounds.