How to Create a Radar Chart for your Business

Radar charts (also known as spider charts, polar charts, web charts, or star plots) are a way to visualize multivariate data. They are used to plot one or more groups of values over multiple common variables. They do this by giving an axis for each variable, and these axes are arranged radially around a central point and spaced equally.

A polygon is made by putting the data from a single observation along each axis and connecting them. Multiple observations can be shown on a single chart by showing multiple polygons, putting them on top of each other, and making each one less clear.

An example of the type of data that radar charts can easily display would be the properties of a car, where the variables shown on the individual axes could be speed, mileage, price, etc., or baseball player statistics, where the variables shown could be batting average or number of home runs.

Each axis shares the same tick marks and scale, but the way the range of variable values maps to this scale can vary between the displayed variables. For example, if one variable is speed, which might be measured in miles per hour, and another is efficiency, which might be measured in miles per gallon.

These measures need to be converted to a scale of units shared between the axes. Grid lines connect the axes and are used as guidelines to make the chart more easily readable.

When to Use a Radar Chart

A spider (radar) chart is useful when multivariable data must be represented in a 2D plane. Though the concept of a radar graph is mostly used in these cases:

• Comparison of entities: A spider graph can help us compare different products and concepts in a single diagram. We can distinguish different entities through color- coding.
• Analysis: A radar chart can also help us understand a concept and how its value is changed over different parameters. For instance, you can analyze a product’s market performance over time.
• Decision-making: Since a spider chart can depict so much information in one place, it can help you make data-driven decisions easily.
• Other applications: Apart from that, a radar graph can also work as an ideal visual aid. It can play a vital role in different sectors like marketing, analysis, sales, research, education, and more.

Importance of a Radar Chart

Radar charts are perfect for visualizing comparisons of quality data. Along their axes, it's easy to compare many different things, and the size and shape of the polygons show how they are different overall. In the example above, it is easy to see that the green gymnast did the best overall and did especially well on the landing.

Another advantage of the radar chart is that many variables can be represented next to each other while still giving each variable the same resolution. Looking at the implementation again, we could have added many more score categories without making it harder to see a gymnast’s score along a particular axis.

Radar charts are most effective when they compare one thing’s performance to a standard or a group’s performance. For example, if one has a radar chart that displays data about the average student’s ability in various school subjects, one could easily overlay another polygon showing a particular student’s data to see how that student compares to an average student in each category.

Pros & Cons of Radar Charts

Like every other visual tool, radar charts can also have advantages and limitations. To learn more about a radar graph, you should know its pros and cons.

Pros

• It acts as an excellent tool to compare different entities easily.
• We can do it with a spider graph even if there are multiple variables to compare.
• They are simpler to understand by the audience instead of a column diagram.
• We can distinguish different entities via color- coding.
• Extremely useful in drawing comparisons based on different parameters.

Cons

• If there are a lot of variables to compare, then even a radar chart can get cluttered.
• Sometimes, users find it hard to come up with an ideal data set to represent different variables together.
• They are not ideal for making trade-off decisions or comparing vastly distinctive variables.
• The radial distance can sometimes be hard to judge and provide on-point information.

Examples of a Radar Chart

• Competitive analysis radar chart

The chart represents price, durability, after-sales service, advertisement, etc. Later, three different products are compared based on these variables. For better understanding, each product has been allocated a different color.

• Employee Performance Chart

In this example, you can see how the overall performance of two employees is compared using a spider graph. To compare them, we have used variables like punctuality, communication skills, technical knowledge, teamwork, etc. Also, both employees are given points (1–5) for each of these factors, which are then used to compare them.

How to create a Radar Chart with e-draw max online

Step 1: Compile the data set and axes

First, you have to determine which variables you want to compare and their values for each entity. You can just create a table to have all the data handy.

Step 2: Log-in to EdrawMax Online

Now, just go to the official website of EdrawMax Online and log-in to your account. If you want, you can look for any readily available template for a spider graph to use or just open a blank canvas as well.

Step 3: Create an engaging graph

Once the canvas is opened, you can add all kinds of vectors to your illustrations and represent your data. Work on all the axes and depict your information using the spider chart. You can also change how the radar graph looks in general by using the options in the sidebar.

Step 4: Export the radar chart

In the end, you can just go to the File menu to export the spider chart in a preferred format and use it with the application of your choice.

Tips on Drawing Stunning Radar Charts

To come up with better radar charts, you can follow these quick suggestions:

• Try not to represent more than 15 variables in a single chart. Else it can clutter the diagram.
• Have all the axes equally distributed unless stated otherwise
• If it is a comparative chart, try not to go overboard and keep things simpler.
• Try to have a common and feasible scale to measure all variables.
• You can have different color codes to distinguish the entities on the same scale.

Wrap Up

The question we need to ask ourselves is, What does the future hold for financial services? From our discussions, we can see why data storytelling is shaping the future of financial services.

As stated above, all businesses and organizations will need financial services. Since many financial services providers like you exist, it is vital to stand out from the rest with a compelling data story.

It isn’t easy to imagine a world without financial services. Data storytelling can help you win clients and investors so they can be part of your business in the future.

Using the reasons why data storytelling is shaping the future of financial services, you can improve how you present your insights.

Do not be left out in offering satisfactory financial services. Use a compelling data story that can increase and retain loyal clients.