This compound is primarily utilized in organic synthesis as an intermediate for the production of various pharmaceuticals and agrochemicals. Its structure, featuring both a benzyloxy and a hydroxyl group, makes it a versatile building block for constructing more complex molecules. It is often employed in the development of active pharmaceutical ingredients (APIs), particularly in the synthesis of compounds with potential anti-inflammatory, antimicrobial, or antioxidant properties. Additionally, its nitrile group can be further modified to introduce other functional groups, enhancing its utility in drug discovery and material science.