This exercise is often used at the beginning of a regular deadlift workout to activate the nervous system, but it has several benefits. It hits the core musculature and it's even a tremendous movement for the traps and lats.
Grab the bar in the center with one hand. If it feels unbalanced as you reach the knee, put it back down and reset. Keep the bar as close to your body as possible during the lift.
Whenever you can make a workout more time-efficient, you're stacking the odds heavily in your favor. Not only do you complete your training in less time, but you've also got more time to recover before the next onslaught!