Used as a catalyst precursor in homogeneous catalysis, particularly in cross-coupling reactions such as Kumada and Negishi couplings. It facilitates carbon-carbon bond formation under mild conditions. Also employed in the synthesis of conjugated polymers and organic semiconductors due to its ability to promote polymerization of aromatic monomers. Its phosphine ligands enhance stability and solubility in organic solvents, making it suitable for solution-phase reactions. Additionally, it serves as a model compound in mechanistic studies of nickel-mediated transformations.