This compound is primarily used in catalysis, particularly in organic synthesis. It is effective in facilitating various types of reactions, including hydrogenation and hydrosilylation, which are crucial in the production of fine chemicals and pharmaceuticals. Its unique structure allows it to activate small molecules, making it valuable in the development of new synthetic routes. Additionally, it is employed in research to study the mechanisms of catalytic processes, aiding in the design of more efficient catalysts. Its stability and reactivity under different conditions make it a versatile tool in both industrial and academic settings.