Used as a catalyst in organic synthesis, particularly in oxidation reactions and polymerization processes. It promotes selective oxidation of hydrocarbons and is effective in curing systems for resins and coatings. Also serves as a precursor in the preparation of cobalt-based nanomaterials and thin films through chemical vapor deposition. Its stability and solubility in organic solvents make it suitable for homogeneous catalysis and use in specialty chemical formulations.