Used primarily as a ligand in coordination chemistry, this compound forms stable complexes with various metal ions, particularly transition metals. These complexes are often employed in catalytic processes, including hydrogenation and oxidation reactions. It also serves as a building block in the synthesis of more complex organic molecules, particularly in the development of pharmaceuticals and agrochemicals. Additionally, its derivatives are utilized in the design of luminescent materials and sensors due to their ability to interact with specific analytes. In research, it plays a role in studying electron transfer processes and photophysical properties in coordination compounds.