This compound is primarily utilized in organic synthesis as a reagent for the detection and determination of metal ions, particularly copper and iron, due to its ability to form colored complexes. It serves as a key intermediate in the preparation of various dyes and pigments, contributing to the vibrant colors in textiles and inks. Additionally, it is employed in analytical chemistry for spectrophotometric analysis, aiding in the quantification of specific substances in complex mixtures. Its role in the development of pharmaceuticals is also notable, as it can be used to synthesize compounds with potential therapeutic properties.