This compound is primarily utilized in organic synthesis as a versatile intermediate for constructing complex molecular structures. It is particularly valuable in the development of pharmaceuticals and agrochemicals due to its reactive trifluoromethanesulfonate group, which facilitates efficient coupling reactions. The compound is also employed in the synthesis of heterocyclic compounds, which are essential in drug discovery for their biological activity. Additionally, its benzofuropyridine core makes it a useful building block in the design of fluorescent dyes and materials for optoelectronic applications.