Widely used as a catalyst in organic synthesis, particularly in hydrogenation and transfer hydrogenation reactions. It plays a key role in reducing alkenes, ketones, and imines efficiently under mild conditions. Additionally, it is employed in the synthesis of fine chemicals and pharmaceuticals due to its high selectivity and activity. The compound is also utilized in C-H activation processes, enabling the functionalization of organic molecules. Its stability and versatility make it a valuable tool in both academic research and industrial applications.