This compound is widely used as a catalyst in various organic synthesis reactions, particularly in hydrogenation and transfer hydrogenation processes. It facilitates the reduction of unsaturated compounds, such as alkenes, alkynes, and carbonyl groups, to their corresponding saturated forms. Additionally, it is employed in the synthesis of fine chemicals and pharmaceuticals, where selective hydrogenation is crucial. Its stability and efficiency in catalytic cycles make it a valuable tool in industrial and academic research for developing new synthetic methodologies.