This complex is primarily utilized in catalysis, particularly in hydrogenation and transfer hydrogenation reactions. Its unique structure allows it to facilitate the addition of hydrogen to unsaturated organic compounds, making it valuable in the synthesis of fine chemicals and pharmaceuticals. Additionally, it is employed in research to study metal-ligand interactions and the mechanisms of catalytic processes, contributing to advancements in organometallic chemistry. Its stability and reactivity under various conditions make it a versatile tool in both industrial and academic settings.