This chemical is primarily utilized in organic synthesis as a versatile intermediate for the production of various pharmaceuticals and agrochemicals. Its structure, featuring both an iodo and a nitrile group, makes it valuable in cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are essential in constructing complex organic molecules. Additionally, it serves as a building block in the development of compounds with potential biological activity, including inhibitors for enzymes or receptors. Its applications extend to material science, where it can be used to synthesize specialized polymers or dyes with unique properties.