Used as a reagent in biochemical assays, particularly for measuring enzyme activity, such as phosphatase and esterase assays. It serves as a substrate that produces a yellow-colored product upon enzymatic hydrolysis, allowing for spectrophotometric detection. Applied in laboratory research for studying reaction kinetics and enzyme inhibition. Also utilized in organic synthesis as an intermediate for producing dyes, pharmaceuticals, and pesticides. In environmental testing, it helps detect and quantify pollutants in water samples. Its methanol solution is commonly employed for convenient handling and accurate dosing in experimental setups.