This compound is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various biologically active molecules, particularly in the creation of compounds with potential therapeutic properties. Its benzofuran core structure is often explored for its role in designing drugs targeting neurological disorders, inflammation, and infectious diseases. Additionally, it is used in the study of fluorescence properties, making it valuable in the development of fluorescent probes and sensors for biochemical applications. Its dimethylamino group enhances its reactivity, enabling its use in complex chemical transformations.