Used as a key reagent in the synthesis of heterocyclic compounds, particularly in the preparation of benzimidazoles, which are important in pharmaceuticals and agrochemicals. It serves as a precursor in the development of dyes and fluorescent probes due to its strong electron-donating properties and ability to form stable ring systems. Also employed in analytical chemistry for the detection of carbonyl compounds through derivatization reactions. Its structural features make it useful in coordination chemistry as a ligand for metal ions in catalytic applications.