Used primarily as a building block in organic synthesis, this compound is valuable in the development of pharmaceuticals and agrochemicals. Its structure allows for further functionalization, making it a key intermediate in the creation of complex molecules. It is particularly useful in cross-coupling reactions, such as Suzuki or Buchwald-Hartwig couplings, to form carbon-carbon or carbon-nitrogen bonds. These reactions are essential in the synthesis of bioactive compounds, including potential drug candidates. Additionally, it can serve as a precursor in the preparation of heterocyclic compounds, which are often explored for their therapeutic properties.