This compound is widely utilized in the synthesis of various heterocyclic compounds due to its reactive nitrile group. It serves as a key intermediate in the production of pharmaceuticals, particularly in the development of anticoagulant and anti-inflammatory drugs. Additionally, it is employed in the creation of fluorescent dyes and sensors, which are used in biochemical research for detecting specific molecules or ions. Its structural properties also make it valuable in organic synthesis for constructing complex molecules with potential biological activity.