What are the prominent uses of Pie charts? Pie charts are used for a variety of different applications. Users rely on the percentage-based approach to data visualization for a number of key resources, primarily in understanding the proportionality and distribution of assets.
Businesses, investors, and consumers alike utilize pie charts for all kinds of different needs. Continue reading to discover more about this versatile data representation tool and know the uses of pie charts.
1. Pie charts offer budgeters unique access to visual information.
Budgeting isn’t easy. But with the help of a pie chart, building the perfect budgetary solution can be made far simpler. A pie chart offers a unique approach to this fairly static problem that consumers face. Too many people approach budgeting as a top-down question, subtracting expenses from the total income figure until they reach zero. Instead, inputting these expenses into a pie chart visualization can help you make sense of where your money is going on a monthly or weekly basis with greater clarity.
Pie charts offer a proportional approach. Instead of visualizing the total dollar amount of each expense, budgeters are able to see the percentage of their total income spent on each category. From rent or mortgage payments down to the smallest monthly fees that you might pay month after month (for instance the Netflix subscription or Amazon Prime account expense), understanding the proportion of each expense is a great way to eliminate unnecessary drains on your overall finances.
One great example is in the grocery and related hybrid retail spending total. Average expenses in the grocery category can range from around 15 percent to just over 30 percent. This is because the grocery store that you shop in is constantly trying to trick you with subtle psychological hacks that are designed to make you spend more money. Building a shopping list and sticking to these purchases will help you bring down the total expense to a lower point in this range, freeing up additional capital for other purchases or savings goals with ease. This is all possible with the help of a pie chart visualization.
2. Investment portfolios demand representational visualization.
In addition to the consumer spending habits that you engage in on a regular basis, your investment portfolio can be made more effective with the help of percentage-based representational data as well. Building greater insights into the effectiveness of your portfolio of assets begins with an understanding of your current positions.
Analytics and the insights that they can provide are founded on dual principles of investment knowledge. Firstly, portfolios that are well-managed all have a commonality in the way they are diversified and rebalanced on a routine basis. Each time you sell an asset, you are changing the balance and structure of the overall portfolio. Oftentimes, retail investors will sell shares of their best-performing assets, leaving behind only lagging stocks to continue pulling down the overall effectiveness of the portfolio’s continued aggregate performance.
Likewise, time data (evaluated with a concurrent line graph) is crucial to understanding the ongoing trends that are persisting within the market itself. With the help of a pie chart, building the core functionality of this approach to investment management is simple and can be perfected by anyone with the desire to gain better control over their investments for the long term.
3. Sales channels rely on percentage insights, too.
In addition to the consumer marketplace for proportional analysis, sales teams rely on this type of data to help them push sales forward within a number of different product spaces. If your team knows it’s lagging behind on crucial sales of a particular service or product lineup in relation to the total sales across all assets, boosting marketing operations to feature these assets can help balance out the performance of the business itself. Sales utilizes these data visualization charts as a primary source of information and strategy building.
Consider the use of a pie chart to boost your effectiveness across a number of aspects of life.
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