Used primarily as an intermediate in organic synthesis, this compound serves in the preparation of fragrances and flavoring agents due to its ability to undergo esterification and other transformation reactions. It is also utilized in the production of pharmaceuticals where a cyclohexyl backbone with functional group versatility is required. Its acetyl and hydroxyl groups allow for selective reactions, making it valuable in multi-step synthesis. Additionally, it finds use in research settings for developing new organic compounds with potential bioactive properties.