Introduction | Sankey chart creation | Applications | Best practices | Limitations
Conclusion
Visualizing data flow is essential for understanding and analyzing various business processes and operations. One of the widely used visualization techniques is the Sankey chart, which is an interactive flowchart. It is an easy-to-read and comprehend chart that can be used to map the flow of materials, money, or data, as well as other similar items. In this guide, we will explore how to create Sankey charts, their applications, best practices, and limitations.
Sankey chart creation
There are several software applications that can be used to create Sankey charts, including Microsoft Excel, Lucidchart, and Draw.io (now known as Lucidchart). To create a Sankey chart in Microsoft Excel, you can use the Sankey chart add-in available on the Microsoft Office website. This add-in is available for both Excel and Power BI Desktop.
The process of creating a Sankey chart is straightforward. First, import the necessary data into Excel, such as spreadsheet data, CSV files, or JSON data. Then, select the data and create a new sheet. Next, create a connection by clicking and dragging the data points to create a connection. Finally, customize the chart to your liking, such as changing the colors, adding labels, and adding interactivity.
Applications
Sankey charts are widely used in various industries, including healthcare, finance, and operations. Some of the applications of Sankey charts include:
- Supply chain management: Sankey charts are useful for visualizing the flow of materials, resources, and cost from the supplier to the customer. This is particularly useful for identifying bottlenecks and areas where improvements can be made to optimize the supply chain.
- Financial analysis: Sankey charts can be used to visualize the flow of money, such as money moving from one account to another or from one investment to another. This can help analysts to identify areas of potential fraud or waste.
- Marketing analysis: Sankey charts can be used to visualize the flow of customers, such as the conversion rate from visitors to customers or the flow of customers from one product to another. This can help marketers to identify areas of improvement in the customer journey.
Best practices
When creating a Sankey chart, there are several best practices to follow:
- Keep it simple: Sankey charts can be overwhelming with too much data and too many connections. Keep the chart simple by focusing on the most important connections and data points.
- Use clear labeling: It is important to use clear labels and symbols to make the chart easy to understand.
- Add interactivity: Adding interactivity to the chart can enhance understanding by providing additional insights into the flow of data.
- Customize the chart: Customize the chart to your liking, such as changing the colors, adding hover effects, and adding annotations.
- Test and refine: Test the chart with different types of data and refine the chart as needed to ensure that it effectively communicates the desired insights.
Limitations
While Sankey charts are a useful visualization technique, there are also some limitations to consider:
- Limited scalability: Sankey charts can become difficult to read and interpret as the flow of data becomes more complex.
- Limited customization: While Sankey charts are easy to create, they may not be as customizable as other types of charts.
- Limited interactivity: While Sankey charts can be interactive, their interactivity may not be as extensive as other types of charts.
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