This compound is primarily utilized in the synthesis of complex organic molecules, particularly in the development of pharmaceuticals and agrochemicals. It serves as a key intermediate in the production of benzimidazole derivatives, which are known for their antimicrobial and antiparasitic properties. Additionally, it is employed in the creation of dyes and pigments due to its ability to form stable, colored complexes. Its diamine and alcohol functional groups make it a versatile building block in organic chemistry, enabling the construction of various heterocyclic compounds with potential biological activity.