This chemical is primarily utilized in organic synthesis as a versatile intermediate. It is often employed in the preparation of pharmaceuticals, particularly in the development of active pharmaceutical ingredients (APIs) due to its reactive iodine and sulfonyl groups. The compound is also used in cross-coupling reactions, such as Suzuki and Sonogashira couplings, to create complex organic molecules. Additionally, it finds application in material science for the synthesis of advanced materials, including polymers and liquid crystals. Its unique structure allows it to act as a building block in the creation of compounds with specific electronic or optical properties.