Used in organic synthesis to create complex molecules, particularly in the preparation of hydrazone derivatives, which are valuable intermediates in pharmaceuticals and agrochemicals. It plays a role in the development of dyes and pigments due to its ability to form stable azo compounds. Additionally, it is utilized in analytical chemistry as a reagent for detecting and quantifying carbonyl compounds through hydrazone formation. Its iodine moiety also makes it useful in radiolabeling applications for tracking and studying biological processes.