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To enhance the chart in Excel, click on the chart and select the plus sign to access different elements like title, axis titles, data labels, data table, error bars, gridlines, and legend. You can customize the title, axis titles, and legend to provide more information to users. Data labels show values, data table displays values in a table below the chart, error bars indicate accuracy, gridlines can be displayed, and legend identifies series like sales for 2016. Customize these elements to create a more informative and visually appealing chart.