Used primarily as an intermediate in organic synthesis, this compound plays a crucial role in the development of pharmaceuticals and agrochemicals. It is particularly valuable in cross-coupling reactions, where it facilitates the formation of carbon-carbon bonds, essential for constructing complex organic molecules. Additionally, its sulfonate group enhances solubility in various solvents, making it useful in formulations requiring precise chemical reactivity. The iodine atom in the structure allows for further functionalization, enabling the creation of diverse derivatives with potential applications in material science and medicinal chemistry.