Used as an intermediate in the synthesis of pharmaceuticals and agrochemicals due to its reactive aldehyde and hydroxyl groups. Its structure allows for chelation of metal ions, making it useful in analytical chemistry for the detection and separation of metals like aluminum, bismuth, and zinc. Also employed in the development of fluorescent probes and sensors, where it contributes to signal generation upon binding to specific metal ions. Additionally, it serves as a building block in the preparation of more complex heterocyclic compounds with potential biological activity, including antimicrobial and anticancer agents.