Sankey charts have gained immense popularity in recent years. These charts are unique visualizations that can be used to show complex data in a visual manner. In this article, we will explore some of the benefits of using Sankey charts and provide examples of how they can be used in various applications.
What is a Sankey Chart?
Sankey charts are interactive diagrams that represent the flow of data between various sources and sinks. These charts work on the principle of a Sankey diagram, which was created by Sir William Crookes in the late 1880s. The chart features a series of boxes or arcs connecting different elements with different flows of data. The total volume of data is represented by the circle’s circumference, while the arcs tell the user how much data is moving from one element to another.
Why Use Sankey Charts?
Sankey charts are popular for several reasons. Firstly, they are simple and easy to understand. This makes them ideal for beginners and experienced users alike. Secondly, they provide an intuitive way to show large amounts of data. Moreover, Sankey charts are versatile, and they can be used for various applications, including finance, healthcare, and logistics.
Financial Analysis with Sankey Chart
Sankey charts are often used in finance to show supply and demand, price fluctuations, and other financial metrics. For example, consider this example, where we have a data set showing the volume of a product sold at different time intervals.
- Supply: The amount of product sold at each time interval.
- Bids: The price at which buyers are willing to purchase the product.
- Sales: The amount of product sold at the current market price.
You can create a Sankey chart to visually represent the data. Let’s take a look at the chart below:
In Sankey charts, the boxes represent the various elements – supply, bids, and sales. The arc connecting them represents the flow of data from each element to the next. You can add a data field to each box to show the value of the element.
Healthcare Example
Sankey charts are also popular in healthcare applications, such as tracking medication dosages and patient visits. As an example, consider this:
Time: The periods of time for which the data applies.
Medication: The medications prescribed to the patient.
Visits: The number of visit to the doctor.
A Sankey chart can show the volume and frequency of visits by the patient at different times. This visual representation can help healthcare providers understand the patient’s health trend, identify patterns, and make informed decisions.
Logistics Example
Sankey charts can also be used in logistics to represent the flow of goods between different sources and destinations. For example, you can have a Sankey chart to show the flow of goods from a factory to distribution centers while considering any bottlenecks in the supply chain.
Sankey charts are versatile, and they can be used in various industries. You can even use them for educational purposes to demonstrate complex data. The best part is that they can be created using different tools like Microsoft Excel, ArcGIS, or Google Sheets. With the advancement of technology, we can expect to see more innovative uses of Sankey charts in the future.
Conclusion
Sankey charts are versatile and effective visualizations that can be used to represent complex data. They are useful for both beginners and experienced users. With the versatility of these charts, they can be used in various applications. From financial analysis to healthcare and logistics, Sankey charts can be applied to a wide range of industries. As the technology evolves, we can expect to see even more innovative uses of Sankey charts in the future.
SankeyMaster
SankeyMaster is your go-to tool for creating complex Sankey charts . Easily enter data and create Sankey charts that accurately reveal intricate data relationships.
