This compound is primarily utilized in organic synthesis as a phase-transfer catalyst. It facilitates the transfer of reactants between immiscible phases, enhancing reaction efficiency and selectivity. It is particularly effective in nucleophilic substitution reactions, where it helps in the introduction of iodine into organic molecules. Additionally, it is used in the preparation of iodinated aromatic compounds, which are valuable intermediates in pharmaceuticals and agrochemicals. Its role in promoting halogen exchange reactions also makes it useful in the synthesis of complex organic molecules.