In order to identify and explore the strengths and weaknesses of business intelligence (BI) initiatives, managers in charge need to assess the maturity of their BI efforts. For this, a wide range of maturity models has been developed, but these models often focus on technical details and do not address the potential value proposition of BI. Based on an extensive literature review and an empirical study, we develop and evaluate a theoretical model of impact-oriented BI maturity. Building on established IS theories, the model integrates BI deployment, BI usage, individual impact, and organizational performance. This conceptualization helps to refocus the topic of BI maturity to business needs and can be used as a theoretical foundation for future research.