Big data has the potential to revolutionize the art of management. Despite the high operational and strategic impacts, there is a paucity of empirical research to assess the business value of big data. Drawing on a systematic review and case study findings, this paper presents an interpretive framework that analyzes the definitional perspectives and the applications of big data. The paper also provides a general taxonomy that helps broaden the understanding of big data and its role in capturing business value. The synthesis of the diverse concepts within the literature on big data provides deeper insights into achieving value through big data strategy and implementation.