Imagine how wonderful it is if your visualization dashboard can perform a job that two people initially did. Thus seems like an imaginative world, right? There are different types of visualizations that enable you to display metrics in different formats. This type of chart is known as a combo chart in Excel.
This chart can help you save lots of space and time when visualizing two different elements. Besides, you can supercharge the tool by installing a third-party add-in to access the combo chart in Excel. This blog post outlines various aspects of a combo chart in Excel that you need to understand.
What is a Combo Chart in Excel?
A combo chart refers to the combination of a column and line charts, respectively. You can only create a combo chart using data that shares a common string. However, you need to begin by understanding what it means by the trends of the same categories in any data you are dealing directly with.
Using a combo visualization technique allows you to access a more flexible way of displaying data in different contexts. On the other side, it forms the basis of the data visualization chart, similar to a Pareto Chart or the 80/20 rule. Also, there are other wider varieties of combination charts found in Excel.
Other combination charts include the area line chart, vertical axis line chart, and double-axis and bar charts. In most cases, you need to use a combo chart if you intend to validate the relationship between two different variables that have different magnitudes and scales. For instance, you can opt for a combo chart in Excel to display insights into other sales metrics that have a common denominator.
In addition, you can use this chart to display insights into hidden patterns, trends, and the outliers found in any other raw data.
The Structure of a Combo Chart in Excel
On the left side of the chart, there are different variables that define the scale of the y-axis. Also, the primary data outlined on the right-hand side of the chart establishes the scale of the y-axis. You can opt to utilize the lines and bars in a single chart to showcase the insights and the relationship available between the variables.
Note that this chart can only be used to display a single hierarchy at a time. When using both a line and a bar combo for visualization, remember to place the lines in the foreground. On the other hand, the bars should be in the background to make your work easier.
When to Use the Combo Chart in Excel
A combo chart in Excel works perfectly when you have an objective to lean a visualization dashboard that showcases tons of insights. Different Types of combo charts, such as the double-axis line and bar graphs, aid in displaying insights into the relationship between a couple of different data points.
The visualization diagram enables you to learn more about the relationship between forecasted and actual sales within a specific time frame. Also, you can use the chart when extracting the comparison categories and classifying them into different groups with high contrasting color combinations.
If you are running a sales department, you must have a combo chart since it displays insights into the target and the actual sales revenue within a given financial year. In addition, the sales managers can use this tool to get more information about some best and worst-performing products within a company setting.
Many people tend to wonder about how all this is possible. This is made possible by the fact that the chart displays insights from the company revenue records and the number of deals closed by the sales associates in a compact way. A Combo Chart can also be applied in the sectors outlined below.
Manufacture
If you are handling a specific position within the manufacturing sector, you can use a combo chart to compare units and the sold versus sales revenue within a specified period.
Finance
The combo chart in Excel has room to measure different finance metrics such as the total amount of revenue collected, the billable hours, and many more.
Creating a Combo Chart in Excel
Creating a combo chart in Excel is a straightforward task that you can get done in a span of a few minutes. You can opt to use a combo chart maker or use the manual route. Let’s get started!
Before you get to work, ensure that you have all the necessary data exported to Excel where you want to work. Select the range of cells you intend to visualize within the data. The next step is to click the insert button and then insert Combo Chart. Go ahead and select the clustered column.
You are done, and you can see a combo chart with all the data clearly outlined in the chart. Mist business professionals prioritize the use of Excel in data visualization due to its accuracy and the fact that it saves time. However, this does not mean that you should settle for less.
You can go the extra mile and modify your combo chart to make it highly attractive. You can incorporate other elements in your chart to ensure that every insight has been fully covered.
Visualizing Data Using a Ready-Made Combination Chart in Excel
In order to get access to ready-made combination charts in Excel, you need to incorporate other third-party apps. The app comes in the form of an add-in that you can install and run on Excel. You can use multiple apps in Excel to create a Combo Chart.
Among all the apps, VisioChart is one of the best options that you can use in your daily operations. This add-in is extremely easy to use, affordable, easy to access, and generates high-quality charts. Once you access this tool, you have all your combination chart needs sorted out.
Conclusion:
A combo chart is an essential tool used daily to visualize different data elements. However, many people fail to understand how they can create a combination chart in Excel. This article offers a detailed guide with all the steps outlined to make your work easy.