Widely used as a precatalyst in homogeneous catalysis, especially in transfer hydrogenation reactions. It enables the reduction of ketones and aldehydes to alcohols using isopropanol or formic acid as hydrogen donors. Also effective in C–H activation and coupling reactions, supporting the synthesis of complex organic molecules. Its stability and solubility in common organic solvents make it suitable for use in pharmaceutical and fine chemical manufacturing. Often employed in asymmetric synthesis when combined with chiral ligands, allowing for enantioselective transformations important in drug development.