Sankey charts are a type of data visualization that is particularly well-suited for comparing and analyzing flow charts in financial, engineering, and other fields. In fact, Sankey charts are so powerful that they have been used for over 100 years, with their first documented use in 1878. However, over the years, their implementation has become less common, and many of the basic principles of how to create and interpret a Sankey chart have been forgotten.
In this article, we will explore the basics of Sankey charts and their applications, and we will also provide a step-by-step guide for creating and interpreting a Sankey chart. Our aim is to show you how easy and effective it can be to unlock insights from data and how to present those insights in a clear and compelling way using Sankey charts.
Understanding the Basics of Sankey Charts
Sankey charts are a type of flow diagram that uses a network of nodes and links to illustrate the flow of data or information through a process. The nodes represent the entities or concepts being analyzed, and the links represent the flow of data or information between those entities.
Sankey charts are divided into two main types: unidirectional flow diagrams and bidirectional flow diagrams. In a unidirectional flow diagram, the nodes are connected in a straight line. In a bidirectional flow diagram, the nodes are connected in a semi-circle, with the middle node representing the starting point and the end node representing the ending point.
To create a simple Sankey chart, you’ll need to select three pieces of data: the nodes and links. The nodes represent the entities or concepts being analyzed, while the links represent the flow of data or information between those entities.
To begin, select your three pieces of data, and then create a network of nodes that represents the entities or concepts being analyzed. Next, connect the nodes to create the flow of data or information. Finally, label the nodes and links with their respective values.
Once you have your Sankey chart ready, you can use it to analyze flow between different regions, identify bottlenecks, and predict future outcomes. For example, in the financial sector, you could use Sankey charts to analyze flow between banks, customers, and savings accounts. In the engineering field, you could use Sankey charts to analyze flow between materials, processes, and products.
Sankey charts are a powerful visual tool for analyzing flow charts, but they are also very flexible, which means you can use them in a variety of different contexts. For example, you could use Sankey charts to analyze economic exchange between countries, analyze the flow of information through a company, or analyze the flow of water through a network of pipes and reservoirs.
In conclusion, Sankey charts are a powerful data visualization tool that can be used to unlock insights from data and present those insights in a clear and compelling way. Whether you are a financial analyst, an engineer, or someone involved in any other field, using a Sankey chart can help you better understand flow charts and make data-driven decisions. So, take the next step and learn how to create and interpret a Sankey chart, and you too can unlock insights with this powerful data visualization tool.
SankeyMaster
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