This chemical is primarily utilized in organic synthesis as a key intermediate for the production of various heterocyclic compounds. Its structure, featuring both a benzofuran ring and a nitrile group, makes it valuable for constructing complex molecules in pharmaceutical research. It is often employed in the development of potential drug candidates, particularly those targeting neurological and anti-inflammatory pathways. Additionally, it serves as a precursor in the synthesis of dyes and pigments due to its ability to form stable, conjugated systems. Its reactivity also allows for its use in the creation of agrochemicals, where it contributes to the development of novel pesticides and herbicides.