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Charts are capable of helping business owners in multiple ways, ensuring that everything is running smoothly. In addition, they help the business stakeholders, team members, and customers to understand complex data insights by presenting them in a manner that is easy to interpret.
Remember that 50% of the human brain is visually active. This means using charts is the best way to persuade your customers to purchase your products.
There are multiple types of charts in business that the business owner can acquire and use during data presentation. However, the main challenge comes in choosing the best chart and using them in data processing and presentation. The reality is that the type of chart you choose to use mainly depends on the purpose and the kind of message that you intend to communicate.
Charts play a crucial role in data visualization to present complex data sets in a way that the business audience can understand. Even though there are many types of charts that business owners can use, it’s essential to choose some of the most common models that many people can understand.
Since most business owners experience challenges when choosing charts and how to use them, this article compiles different types of business charts that you can use in data visualization.
A chart or graph is a graphical presentation of complex information. In most cases, charts are mainly focused on numeric data, while others are strictly on conceptual models. Regardless of the chart model, they are all used to enable readers to read and understand the presented information easily.
Since charts are visual in nature, they are easy for the reader to remember, thus suitable for delivering information.
This is why it’s essential to choose the right type of chart for business to enable you to attain your goals in business.
Below are the best business graphs and charts examples and how businesses can use them in their daily operations. Popular chart types contains:
Due to the increase in the volume of data and the need for data analysis to get actionable insights from it, the number of charts also increasing day by day. We see many innovative charts to present data on daily basis. Let’s discuss the basic types of charts and graphs.
A line chart, also known as a line graph, is one of the most common types of charts that are essential in specific scenarios in data processing. This chart is good at showcasing how the changes that appear in one number are closely related to the changes in another.
If you want to communicate to your market audience or team members about how numbers have changed over a particular time frame, the line chart has your back covered. You can also use this chart as an exponential growth chart.
For instance, you can use a line chart to depict how the business revenue has changed from one figure to another within a specific duration. Also, you can use it to evaluate how the customer satisfaction rate has changed from one year to another.
You can use Line Chart for conducting trend analysis in excel. When you visualize the business data using a line chart, you can easily spot trends and patterns essential in decision-making and making predictions regarding the future of the business.
If you are dealing with continuous data, a line chart can help you analyze the data and generate insights and an easy-to-read data report. This chart type allows you to analyze any kind of data that falls in your way.
There are many variations of line charts that you can use in your analysis e.g.
A Scatter Plot is used to showcase a comparison between two numbers or variables outlined on a chart’s axis. In this case, the data points do not form a line like a chart. This is because the relationship in the numbers is varied in nature.
If you have complex data at your disposal that you would like to analyze and understand more about its relationship, you can use a scatter chart to help you get the job done.
For instance, business owners can use scatter charts to display the relationship between sales and revenue collection and the type of customers who contribute to the revenue collected by the business.
Understanding this type of data offers the business stakeholders a chance to work on other strategies that will attract more customers in the long run, contributing to the business’s continued growth.
The bar chart is a common type used in different scenarios across the business industry. The main reason why a bar chart is common is that it’s easy to create, read and understand without the need for interpretation. This is the best choice, especially when dealing with numeric or quantitative data.
Business owners can use bar charts to compare the difference between values or sums of money, especially when creating data reports. The bar chart explains the total number of customers, revenue, and sales, among other essential items within the business.
In addition, this chart is more versatile, giving you advanced room for data processing and presentation.
At some point, you may come up with a bar chart that looks like vertical columns while sometimes they take a horizontal shape. When a business needs to display multiple comparisons, they have the freedom to use multiple bar graphs to ensure that all its needs are catered for.
Anytime you realize that you doubt certain data elements, you need to consider using a bar chart to clean up the doubts, giving you enough flexibility to work comfortably.
There are many variations of bar charts that you can use in your analysis e.g.
Sunburst Chart displays hierarchy in your raw data. This chart displays hierarchy insights through a series of concentric rings.
Each ring in the chart corresponds to a level in the hierarchy. Besides, each ring in the Sunburst Chart is segmented proportionally to represent its constituent details. Focusing on a segment in the ring gives a sense of the part-to-whole relationship of a data point with respect to its parent ring segment.
Both Sunburst and Treemaps Charts are ideal for uncovering hierarchical insights in your data. However, the Sunburst Chart is most effective at showing how one ring is broken into its contributing pieces. On the other hand, a Treemap chart is ideal for comparing the relative sizes of the key metrics in your data.
Just like the name suggests, a Sankey Chart is used to present the flow of processes within a business.
This chart type usually has a series of turning points and paths that display how a particular process changes from one point to another. Also, it can be used to display decisions, information, and action changes within an interaction process.
You don’t need to possess any technical skills to understand a Sankey Chart. The chart outlines data in a simple way that is straight to the point depending on what is being displayed.
This chart draws the reader’s attention to the enormous flows, the largest consumer, the major losses, and other insights. Besides, Sankey uses links and nodes to uncover hidden insights into relationships between critical metrics.
The size of a node is directly proportionate to the quantity of the data point under review. A flow that’s twice as wide represents double the value of the metric.
A Radar Chart with different scales (also known as a Dual Axis Radar Graph) is a two-dimensional visualization design you can use to display insights into two different metrics in your data.
A Radar Chart is very versatile and can be used in many situations.
A Likert Scale is an ordinal scale usually used to measure attitudes, knowledge, perceptions, values, and behavioral changes. To present this information graphically we use the Likert Scale Chart.
A Comparison Chart is a visualization design that uses composite-colored bars to show comparison insights in a specified period. The graph is ideal if your goal is to compare more than two key data points.
A Pareto Chart is one of the creative data visualization examples that empowers you to categorize occurrences based on their impact on a common strategic goal or objective.
This visualization design aims to categorize key variables in your data based on their frequency of occurrence.
A Box and Whisker Plot (also known as Box Plot) is a visualization design that uses box shapes to display insights into data.
The chart simplifies bulky and complex data sets into quartiles and averages. Also, you can use the chart to pinpoint outliers in your data. The Box Plot segments key variables in quarters or (quartiles).
This section will use a Scatter Plot in Excel to display insights into the tabular data below.
| Products | Category | Sales | No. of Orders | In Stock |
| Primer | Cosmetic | 114 | 40 | 35 |
| Lipstick | Cosmetic | 178 | 16 | 18 |
| Blush | Cosmetic | 220 | 35 | 23 |
| Moisturizer | Cosmetic | 101 | 18 | 26 |
| Perfume | Cosmetic | 154 | 40 | 19 |
| Contour | Cosmetic | 68 | 38 | 17 |
| Makeup Remover | Cosmetic | 93 | 24 | 37 |
| Nail Polish | Cosmetic | 159 | 28 | 29 |
| Mixer | Electronics | 276 | 21 | 24 |
| Coffee Maker | Electronics | 216 | 40 | 26 |
| Kitchen Hood | Electronics | 388 | 31 | 30 |
| Vacuum Cleaner | Electronics | 274 | 40 | 33 |
| Washing Machine | Electronics | 331 | 23 | 23 |
| Microwave | Electronics | 383 | 17 | 22 |
| Toaster | Electronics | 327 | 15 | 17 |
| Blender | Electronics | 215 | 31 | 31 |
| Gear Lever | Car Parts | 389 | 37 | 27 |
| Hood | Car Parts | 234 | 27 | 28 |
| Trunk | Car Parts | 202 | 28 | 27 |
| Taillights | Car Parts | 260 | 35 | 32 |
| Battery | Car Parts | 158 | 35 | 30 |
| Muffler | Car Parts | 150 | 20 | 33 |
| Radiator | Car Parts | 176 | 12 | 22 |
Click this link to install ChartExpo into your Excel. Congratulations if you’ve installed the add-in into your spreadsheet.
To get started with ChartExpo, follow the simple steps below.
Popular chart types contain Line Charts, Bar Charts, Sunburst Charts, Scatter Plots, and Sankey Charts. Charts are a great approach to display data insights.
Business graphs are tools for visual data analysis. Due to the ease with which patterns and relationships may sometimes be seen on the chart or graph, they can greatly simplify the process of comparing different sets of data. Additionally, they aid in presenting the information to the audience in a style that will stick in their minds.
When you present business data to your audience in the form of different charts and graphs, they take an average of 13 milliseconds to process a single chart. As a result, this saves most of their time, and they understand the information displayed and can easily take action depending on your bottom line.
However, you must ensure that you choose the right type of chart and graph that aligns with the nature of your data and attracts your audience’s attention. This will increase your chances of delivering the intended message in real time.
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