Sankey charts, also known as flowcharts, are a type of chart used to visually represent data flow and transformation. They are named after their creator, English mathematician and statistician Arthur Sankey, who first described the chart in a 1908 paper.
Sankey charts are particularly useful for visualizing complex networks and identifying patterns or relationships between different nodes in the network. They can be used in a variety of fields, including finance, economics, biology, and marketing, to name a few.
So, how are Sankey charts created? The basic structure of a Sankey chart consists of a set of nodes, each of which represents a component of the system being visualized. The nodes are connected by directed edges, which represent the flow of data or other variables between the components. The edges are labeled with numerical values, which represent the intensity or rate of flow between the nodes.
To create a Sankey chart, the first step is to identify the nodes and edges in the system being visualized. This typically involves breaking down the system into its key components and identifying the flow of data or other variables between those components.
Once the nodes and edges have been identified, the next step is to label and number the edges. This involves assigning a numerical value to each edge, which represents the intensity or rate of flow between the nodes. The labels and numbers can be used to create a flowmap, which is a graphical representation of the flow between the nodes.
Finally, the flowmap can be used to create a Sankey chart by arranging the nodes and edges in a circular or rectangular layout and connecting them with directed edges. The colors and styles of the chart can be adjusted to highlight important patterns or relationships between the nodes.
Applications of Sankey Charts
Sankey charts have a wide range of applications, particularly in fields where complex networks are common, such as finance and economics. Some examples of how Sankey charts are used include:
- Identifying correlations or patterns between different variables in a financial system: Sankey charts can be used to visualize the flow of financial data, such as stocks or bonds, between different components of the financial system. This can help identify correlations or patterns between different variables, such as the relationship between stock prices and interest rates.
- Analyzing the spread of disease: Sankey charts can be used to visualize the flow of disease between different regions or groups of people. This can help identify patterns or relationships between different variables, such as the spread of a particular disease between different countries or age groups.
- Analyzing marketing campaigns: Sankey charts can be used to visualize the flow of data, such as customer interactions or sales, between different components of a marketing campaign. This can help identify patterns or relationships between different variables, such as the most effective channels for reaching different types of customers.
Conclusion
Sankey charts are a powerful visualization tool for complex networks, such as those found in finance, economics, biology, and marketing. They can be used to identify patterns or relationships between different variables and to analyze the flow of data or other variables between different components of a system. Creating a Sankey chart requires identifying the nodes and edges in the system, labeling and numbering the edges, and then arranging the chart in a circular or rectangular layout. Once a Sankey chart has been created, it can be used to gain insights into complex systems and identify patterns or relationships that might otherwise go unnoticed.
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