Used as a key intermediate in the synthesis of ligands for transition metal catalysts, particularly in homogeneous catalysis. Its structure supports chelation with metals like ruthenium or iridium, making it valuable in developing catalysts for oxidation reactions and carbon-carbon bond formation. Also employed in the design of photoredox catalysts due to its ability to stabilize metal complexes involved in light-driven transformations. Additionally, derivatives of this compound find use in materials science, especially in the development of luminescent complexes and sensors.