Used as a fluorescent probe in biochemical research, it is particularly effective in detecting metal ions due to its strong chelating properties. The compound is also employed in the development of sensors for environmental monitoring, where it helps in identifying and quantifying pollutants like heavy metals in water and soil. Additionally, it serves as a building block in organic synthesis for creating complex molecules with potential pharmaceutical applications. Its ability to form stable complexes with various metals makes it valuable in coordination chemistry and material science for designing new materials with specific optical or electronic properties.