Used primarily in organic synthesis, this compound serves as a key reagent for introducing functional groups into target molecules. It is particularly valuable in the preparation of intermediates for pharmaceuticals, where its cyanophenacyl moiety can be leveraged to create complex structures. Additionally, it finds application in the development of fluorescent probes and dyes, aiding in biochemical research and diagnostic assays. Its reactivity with nucleophiles makes it a useful tool in cross-coupling reactions, enabling the construction of carbon-carbon bonds in advanced chemical synthesis.