There are no two opinions on the potential of Big Data to impact decision-making by revealing patterns, trends, and associations which would otherwise be an insurmountable task. Data is now being used in every aspect of our lives – both personally and professionally. Companies now invest heavily in resources and technologies such as dashboard software to leverage on the data they acquire from every nook and corner possible.
One of the important aspects of using data to empower decisions is to visualize it in the best way possible. Data Visualization techniques enable different stakeholders within an organization to focus on the metrics and figures that matter to them the most. A CEO would be interested in the gross monthly revenue generated from a marketing channel, whereas a marketer would be more interested in the percentage increase in ROI. This can be made possible using tools such as a KPI dashboard software.
In this article, we’ll discuss the various chart types available in Betaout dashboard software, and when to use each one the best:
A table is the simplest data visualization method available in Betaout dashboard software. It is essentially an arrangement of data in rows and columns. Tables are great when you have to compare values, or when different people in a group want to look at their own values. Tables are also handy when you have many different units of measure, which can be difficult to pull off in an easy to read manner in a graph.
A Line chart is represented by a series of data points connected with a straight line in the Betaout dashboard software. It reveals trends or progress over time and can be used to show many different categories of data. A line chart is often used to visualize a trend in data over intervals of time. It can also be used when you are trying to chart a continuous data set.
A bar chart or bar graph is a chart or graph that presents grouped data with rectangular bars with lengths proportional to the values that they represent. It can be plotted vertically or horizontally in the Betaout dashboard software. A bar graph uses either horizontal or vertical bars to show comparisons among categories. One axis of the chart shows the specific categories being compared, and the other axis represents a discrete value.
Grouped Bar chart is a chart in which bars of different graphs are placed next to each other, and not stacked one on another, so essentially it’s the most simple bar chart with two graphs in it. A grouped bar graph is a way to show information about subgroups of the main categories. Different bar colors show the subgroups. A key or legend is usually included to let the reader know what each sub category is.
A pie chart is a circular statistical graph in which a circle is divided into segments to represent various proportions in Betaout dashboard software. It shows how various categories represent a part of the whole i.e. the composition of something. A pie chart represents numbers in percentages, and the total sum of all segments equals to 100%.
A box plot or boxplot is a method for graphically depicting groups of numerical data through their quartiles in the Betaout dashboard software. The box plot is a standardized way of displaying the distribution of data based on the five number summary: minimum, first quartile, median, third quartile, and maximum. Boxplot charts are very effective and easy to read. They summarize data from multiple sources and display the results in a single graph. Box and whisker plots allow for comparison of data from different categories for easier, more effective decision-making.
A scatter chart is used to show the relationship between two different variables or to glean distribution trends in the Betaout dashboard software. It should be used when there are many different data points, and you want to highlight the similarities in the data set. A Scatterplot is particularly useful when looking for outliers or for understanding the distribution of your data.
A Histogram is a vertical bar chart that depicts the distribution of a set of data in Betaout dashboard software. A Histogram makes it easy to see where the majority of values fall in a measurement scale, and how much variation there is. These range of values are called classes or bins. The frequency of the data that falls in each class is depicted by the use of a bar. The higher that the bar is, the greater the frequency of data values in that bin.
These are the basic chart types available in the Betaout dashboard software. Hope this article is effective in helping you choose the visualization technique most appropriate for your business.