Information systems coupled with internet, cloud computing, mobile devices and Internet of Things have led to massive volumes of data, commonly referred as big data. It includes mix of structured, semi-structured and unstructured real-time data, constituting of data warehouse, OLAP, ETL and information. Business firms and academicians have designed unique ways of tapping value from big data. There is a great scope of using large datasets as an additional input for making decisions. The aim of the paper is to explore the role of big data in these areas for making better decisions. Here we explore how big data can be used to make smart and real-time decisions for improving business results. The paper undergoes literature review and secondary data to provide a conceptual overview of potential opportunities of big data in decision making. The paper discusses the concept of big data, its role in decision making and also the competitive advantage of big data for different firms. The paper also discusses a framework for managing data in decision making. The topic must be addressed for taking better decisions for firms which will contribute to high quality knowledge.