How To Select A Right Chart To Visualize The Business Metrics?

How To Select A Right Chart To Visualize The Business Metrics?

A chart is the visualization of data in a graphical format, by using charts we can able to discover the data in a most understandable way. visualization is drawing a picture with your data instead of leaving it in a spreadsheet or table. This visualize helps to classify and categorize data, identify the relationship among the data, determine the patterns and trends of business, predict future trends and much more. To turn your numbers, data into knowledge we go for chart visualization. There are different types of chart visualization that can be used to visualize and present your data in various ways.

Charts are perfect way to compare and easily categorize our data in a pictorial way. This can communicate easily with data and gives visualization more clearly and effectively than text or rows and columns on spreadsheets. To determine the charts that best suited for your data the following four ways will help you out.

1. Compare values

In numerous place we need to compare data with one another, for all these comparison visualization we can go for bar charts. A bar chart is also suitable when the number of categories is higher than or lower than set limit and if you have long category names, it is best to use bar charts because they give more space for long text.

  • To compare the Quarterly Revenues of a product company over a period of 10 years.

  • To compare the Total numbers of stocks for the month of May and June.

  • To visualize the profit and loss of the company over a period of last 5 years.

This makes comprehension of data much easier when your eyes follow a bar chart pattern. With this pattern, they can connect shape to value much quicker.

2. Composition

In order to show the composition of something you can use the pie charts, Stacked Charts, Multi-level pie charts. It visualize the chart with values in %, as we are interested in a comparative study more than the exact values.

  • To know the Individual product sales as a percentage of whole revenue.

  • To know the types of customers visiting our shop in a month.

Pie charts are also not the best data visualization type to make precise comparisons but it is a very good for composition. our brains like to look at circles over sharp corners. In the end, a pie chart simplifies the data story and encourages the audience.

3. Distribution

Distribution charts helps you to show the distribution of a set of values to comprehend the outliers, normal ranges etc. The best choice of charts for this would be scatter plot, line column or bar charts to display it in more understandable way.

  • To show the marketing spending vs. revenue.

Good for showing the relationship between two different variables where one correlates to another.

4. Relationship

This type of data visualization is good when you want to establish or show relationship between two or more variables. For this type of data visualization we can use Scatter Plot, Bubble or Line chart types.

  • To know Relationship between Search Phrases and Product Purchases.

  • To know Relationship between in-store sales and holidays.

This chart shows clearly connection or correlation between two or more variables.

Each charts possess their benefits in displaying the data easily to the users. Selecting the type of visual that’s best-suited for your data will helps anyone to easily understand the business metrics without relying on others.

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