Businesses use charts to track progress, all the time. Here are the top 10 charts used in the USA for ranking.
- Column Charts
Column charts are vertical charts that can be used to compare different categories of information. The horizontal axis usually denotes time or a specific category. The vertical axis carries a numeric category. These are perhaps the most common types of charts used by businesses to track growth or an increase in profits.
- Bar Charts
Bar charts are known to nearly every child. They denote the value and size of each variable represented on a graph. These charts are very useful for showing growth or decline and comparing different products or services in the same graph. By grouping different sets of data and organizing them by category, year, or month, businesses can compare ROI, profits, etc.
Large numbers can be presented through bar charts. The two axes in the graph can be used to denote huge numbers like millions, billions, etc.
- Pie Charts
Pie charts are fairly common. They’re segmented circles that denote the size of multiple variables. When you’re dealing with many groups of data in the same category, they can clearly compare sizes of those groups.
You can show the difference between two or multiple variables in the same category. This will help make a decision on which product to back, which services to cut, and which brands to invest in. Hence, it’s one of the most useful charts for marketing purposes.
- Doughnut Charts
Similar to pie charts, doughnut charts are segmented into different chunks. They are great for presenting different data groups and their proportionality. For instance, they’re suitable for representing market share, product ROI, profits from different services, etc. They’re also great for presenting comparisons between different strategies.
The biggest areas or segments are clearly visible. Through this visual presentation, companies can make clear decisions about future prospects.
- Line Charts
Line charts are simple graphs that connect individual data points. This chart indicates a general trend over a period of time. A general upward or downward trend can be easily identified with this graph. The vertical axis displays the numeric amount, and the horizontal axis indicates other related factors. The markers or data points on the charts can be indicated through circles, squares, or crosses.
Line charts aren’t as colorful as other types of charts, but it’s because of that reason that they show clear trends. A white screen is marked by colored lines that indicate change. There’s very little noise on the chart.
- Area Charts
While similar to line charts in theory, these charts show sold areas covered instead of just lines. They clearly show trends for a single or for several categories. For example, the market share or sales for one or many smartphone manufacturers can be shown on an area chart. It will clearly identify which year saw a rise or drop in sales.
- Scatter Charts
Scatter patterns are used to denote a trend. These are very useful to denote whether a company is achieving its goals or is on the way to achieving them. For example, a quick example of products based on their budgets and selling prices can indicate which products are outliers. These may or may not fall under the non-profitable category. By identifying them, a company can either make changes to the way the products are manufactured, or cancel them. This can save a company hundreds of thousands in annual expenses. Hence, they’re one of the most useful charts for sales.
- Spider/Radar Charts
Spider or Radar charts are also known as web charts for their distinct design. These are comparatively less known among non-business persons. They’re used to denote different sets of data groups. They do this better than column charts or bar graphs. Radar charts are great for showing multiple data groups in a 2D diagram with 3 variable axes.
These charts are used by HR managers to check the skill pattern of different employee groups. It helps to identify employees who are improving their performance standards. Other uses for spider charts include comparing different products over a wide range of features, like battery-life, shelf-life, etc.
- Gauge Charts
Gauge charts usually show one value with the help of a gauge. These indicators are usually in red, for the wrong message, and green for the right one. Just like how high pressure in a gauge is represented by red, and low pressure is denoted by green.
Gauge charts are ideal to show KPIs for business plans. Hence, they’re used by managers and employers. They can show which parts of a project or a plan are showing promise, and which areas show promise for investment.
- Comparison Charts
Comparison charts are known for their cluster diagrams. They’re known for comparing features and option between at least two choices. Tick marks differentiate between the two choices and identify which feature is present or absent. Other uses of comparison charts can feature components, items, time series, correlations, etc. The purpose of a comparison chart is to show the outline for possibilities for different circumferences.
Comparison charts are one of the most useful charts for business. They can help organizations or boards make decisions based on needs and wants. It can objectively show which choice has the features or options that the company currently needs. It can also show the company which choice offers more value for money and which has the better deal.
Using these charts, you’ll be able to visualize and present any type of information for your business.