Used as a precatalyst in homogeneous catalysis, particularly in transfer hydrogenation reactions. It efficiently promotes the reduction of ketones and aldehydes to alcohols using isopropanol as both solvent and hydrogen donor. Also effective in asymmetric synthesis when paired with chiral ligands, enabling the production of enantiomerically enriched compounds. Its stability and solubility in polar organic solvents make it suitable for a range of C–H activation and coupling reactions. Commonly employed in synthetic routes for pharmaceuticals and fine chemicals due to its high activity under mild conditions.