Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and agrochemicals. It serves as a building block for constructing complex molecules due to its reactive cyano and iodo functional groups. The compound is often employed in cross-coupling reactions, such as Suzuki or Sonogashira couplings, to form carbon-carbon bonds. Its benzoic acid moiety also makes it useful in designing molecules with specific solubility or binding properties. Additionally, it can be utilized in the development of fluorescent probes or imaging agents in biomedical research.