Used as a reagent in organic synthesis, particularly in the preparation of thioamides and other sulfur-containing compounds. It serves as a source of the thioacetate anion, which can act as a nucleophile in substitution reactions. Commonly employed in the modification of pharmaceuticals and agrochemicals where sulfur functionality is required. Also utilized in coordination chemistry for synthesizing metal complexes with thioacetate ligands. Its reactivity makes it valuable in the development of specialty chemicals and intermediates in research laboratories.