This compound is primarily used as a catalyst in various organic synthesis reactions. It is particularly effective in hydrogenation processes, where it helps in the reduction of unsaturated compounds to their saturated forms. Additionally, it is employed in the synthesis of fine chemicals and pharmaceuticals, where precise control over reaction pathways is crucial. Its ability to facilitate carbon-carbon bond formation makes it valuable in polymerization reactions as well. The compound's stability and efficiency under mild conditions make it a preferred choice in industrial and research applications.