Review of Managerial Science (2024) 18:1189–1220

https://doi.org/10.1007/s11846-023-00696-z

REVIEW PAPER

The GenAI is out of the bottle: generative artificial

intelligence from a business model innovation perspective

Dominik K. Kanbach1,2 · Louisa Heiduk1 · Georg Blueher1 ·

Maximilian Schreiter1 · Alexander Lahmann1

Received: 31 May 2023 / Accepted: 23 August 2023 / Published online: 13 September 2023
© The Author(s) 2023

Abstract
The introduction of ChatGPT in November 2022 by OpenAI has stimulated sub-
stantial discourse on the implementation of artificial intelligence (AI) in various
domains such as academia, business, and society at large. Although AI has been
utilized in numerous areas for several years, the emergence of generative AI (GAI)
applications such as ChatGPT, Jasper, or DALL-E are considered a breakthrough
for the acceleration of AI technology due to their ease of use, intuitive interface, and
performance. With GAI, it is possible to create a variety of content such as texts,
images, audio, code, and even videos. This creates a variety of implications for busi-
nesses requiring a deeper examination, including an influence on business model
innovation (BMI). Therefore, this study provides a BMI perspective on GAI with
two primary contributions: (1) The development of six comprehensive propositions
outlining the impact of GAI on businesses, and (2) the discussion of three indus-
try examples, specifically software engineering, healthcare, and financial services.
This study employs a qualitative content analysis using a scoping review methodol-
ogy, drawing from a wide-ranging sample of 513 data points. These include aca-
demic publications, company reports, and public information such as press releases,
news articles, interviews, and podcasts. The study thus contributes to the grow-
ing academic discourse in management research concerning AI’s potential impact
and offers practical insights into how to utilize this technology to develop new or
improve existing business models.

Keywords Artificial intelligence · Generative AI · ChatGPT · Business model

innovation · Large language models

JEL Classification M10 · M13 · M15 · M19

Extended author information available on the last page of the article

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1190 D. K. Kanbach et al.

1 Introduction

One million users in five days and 100 million monthly users just two months after
launch: such record-breaking growth makes ChatGPT one of the fastest-growing
consumer applications (Hu 2023). To put this into context, it took Instagram two
and a half years to get 100 million users, and TikTok reached this milestone after
nine months (Chow 2023). ChatGPT is just one—albeit prominent—example of
generative artificial intelligence (GAI) applications. GAI refers to a type of artifi-
cial intelligence (AI) that can generate text, images, audio, code, videos, and syn-
thetic data (Davenport and Mittal 2022; Gordijn and Have 2023). Recent inter-
est in GAI has been driven by the simplicity of the user interfaces, which allow
seemingly everyone, regardless of prior expertise, to generate content within
seconds. As of right now, practitioners and researchers stand at the very begin-
ning of a journey to understand GAI’s capabilities, reach, and impact on society
and economy alike. Multiple studies and research endeavors foresee potentially
significant implications for companies’ processes, way of working, interaction
with customers, and ultimately the core of their business models through GAI
(Agrawal et al. 2022; Dwivedi et al. 2023). However, not all business functions
and, subsequently not all industries appear yet to be affected to the same degree
by GAI. First analyses predict that white collar tasks such as administrative sup-
port will be more affected than manual labor-related functions required, for exam-
ple, in construction or manufacturing which are less prone to automation (Eloun-
dou et al. 2023). Already a few months after the launch of ChatGPT, confronting
the public with the capabilities of such large language models (LLM), researchers
and industry experts forecast a significant boost to human creativity and produc-
tivity while simultaneously estimating that 300 million jobs could be affected by
AI, making it a potentially significant change driver in society (Kelly 2023). Also
in the context of academic research, a discussion about the potential implications
of GAI has started (e.g. Burger et al. 2023; Stokel-Walker 2022).
The past has shown that the emergence of groundbreaking technologies, such
as personal computers or the internet, force companies to adapt and innovate their
business models to stay competitive and relevant (Amit and Zott 2020). And the
future influence of GAI is compared to that one of personal computers or the
internet by industry experts (Konrad and Cai 2023). The rapid development of
GAI is not only an external factor but a catalyst for internal change, requiring
businesses to rethink and potentially restructure their business models to stay
ahead in a highly competitive and swiftly evolving landscape.
The aim of this study is therefore to provide a BMI perspective on GAI, with
two main contributions: (1) The derivation of six propositions about GAI’s poten-
tial impact on industry-overarching business and working environment dynamics
as drivers for BMI. (2) Building on three BMI categories (a) value creation inno-
vation, (b) new proposition innovation, and (c) value capture innovation (Kraus
et al. 2022b), examining three industries, namely software engineering, health-
care, and financial services, with regards to the potential implications of GAI.
Given the empirical relevance and recency of the topic, an in-depth qualita-
tive content analysis, based on a scoping review methodology that builds on an

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The GenAI is out of the bottle: generative artificial… 1191

extensive sample of 513 sources is utilized. The research protocol hereby yielded
data points classified into two clusters, (a) data obtained from academic journal
publications (n = 410), and (b) data acquired from non-academic sources, such as
online newspapers and online repositories of the companies that have developed
GAI (n = 103).
The study’s findings highlight how GAI’s rapid advancements enable novel capa-
bilities, leading to improved efficiencies and the emergence of new products and ser-
vices. Simultaneously, GAI is potentially transforming skill requirements, shifting
the human role from content creation to evaluation and editing. GAI could also drive
new revenue models and cost structures, lowering content production costs and ena-
bling various innovative monetization strategies. As GAI continues to evolve, busi-
nesses must adapt to harness its power, with their future success depending on their
ability to integrate GAI technologies and continually explore new growth opportuni-
ties. The rise of GAI represents a paradigm shift, democratizing knowledge access
and content creation, ultimately reshaping how businesses operate and innovate.
Thereby, the study contributes to three academic discussions: First, it adds to the
emerging discussion about the implications of GAI on businesses (e.g., Dwivedi
et al. 2023; Daugherty et al. 2023; Mathew 2023) by adopting a BMI perspective.
Second, it contributes to the growing discussion at the interface of digital technolo-
gies and BMI (e.g., Ancillai et al. 2023; Aström et al. 2022; Jorzik et al. 2023).
Third, it extends the discussion of artificial intelligence and analytics in manage-
ment context (e.g., Korherr et al. 2022; Korherr and Kanbach 2023; Sáez-Ortuño
et al. 2023).

2 Theoretical background: business model innovation

The investigation of business model development and innovation has emerged as a

prominent area of research over recent decades (Clauss et al. 2020; Foss and Saebi
2016). Scholars have conceptualized BMI as an attempt to create, implement, and
sustain strategies to generate, deliver, and capture value (Kraus et al. 2020). Innova-
tion in this context involves modifying the architecture or configuration of a business
model regarding its activities and components (Clauss et al. 2020; Dymitrowski and
Mielcarek 2021; Reim et al. 2020). Lee et al. (2019) regard AI as a catalyst for BMI,
providing momentum for companies to adapt their current approaches. Lindgren
(2016) goes further, arguing that firms must incorporate advanced technologies such
as AI to remain competitive. The recent emergence of GAI has further sparked this
discussion. Consequently, business models are becoming increasingly divergent due
to the groundbreaking technologies that have entered and altered the market. Exist-
ing literature focuses on the process of BMI and the nature of change, whereby the
process is something internal (Katsamakas and Pavlov 2019) and the introduction of
new tools such as ChatGPT can be seen as an external factor. The rapid development
and progress of GAI requires firms to alternate. The significance of BMI is shifting
from internal perspectives to external developments that impact a business and its
need to innovate.

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The lifespan of a business model is often limited in rapidly evolving digital envi-
ronments with new technologies, where a previously successful business model in
the field of competitors is threatened (Valter et al. 2018). This means companies
must proactively seek new configurations of their business model components, even
before external pressures necessitate changes (Neuhuettler et al. 2020). In addition,
in dynamic environments characterized by significant changes or technological
breakthroughs such as the emergence of GAI, constant BMIs are essential (Breier
et al. 2021). In the context of BMI, changes to specific business model compo-
nents, such as the use of modern methods and techniques like those AI provides, can
impact a firm’s success, even if not all components change simultaneously (Clauss
et al. 2020). According to Clauss et al. (2020), changes to business models can vary
in extent and scope, from incremental modifications to entirely novel and radical
solutions forced by new technical opportunities. A recent model which builds upon
the literature described above and captures the latest findings on BMI dimensions is
developed by Kraus et al. (2022b) based on Clauss (2017) and Spieth and Schnei-
der (2015). The framework includes the categories (1) value creation innovation, (2)
new proposition innovation, and (3) value capture innovation, with accompanying
sub-categories that each are potential drivers of innovation within the respective cat-
egories (see Fig. 1).
The model delineates three categories of BMI. First, in terms of “value creation
innovation” technological advancements play a pivotal role in driving BMI (Clauss
2017). Companies striving to gain a competitive edge must continuously innovate
through the adoption of new technologies or processes (Needleman et al. 2021).
This necessitates the acquisition of expert knowledge of the new technology and
its broader context (Desai et al. 2014). Regarding AI, companies must be adept at
integrating technical innovations into an existing landscape. Second, “new propo-
sition innovation” of BMI is driven by the emergence of new markets and sales
channels, requiring organizations to adapt their internal and external communica-
tion processes (Needleman et al. 2021). The introduction of new products and ser-
vices through BMI necessitates changes to the existing strategy of a company, which
entails modifying both the technical implementations and process structures simul-
taneously. Last, the expansion of revenues is a significant driver of BMI in “value

Fig. 1  BMI Categorization (own illustration following Kraus et al. (2022b))

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The GenAI is out of the bottle: generative artificial… 1193

capture innovation”. The advent of AI provides new value-creating opportunities,

which necessitates the adoption of techniques that generate new cost streams.
This categorization was selected as theoretical basis for this study for three main
reasons. First, it integrates widely accepted and recent conceptualizations of BMI
(e.g., Clauss 2017; Spieth and Schneider 2015). Second, it provides three condensed
categories which build an ideal basis for the analysis of the impact of GAI. Third,
it was developed in the context of analyzing BMI implications of another techno-
logical advancement, namely metaverse technology. In Sect. 5 of this study, we pre-
sent the findings considering the outlined categories to clarify the impact of GAI on
BMI—both industry overarching and narrowed down to three industry examples.

3 Development of generative artificial intelligence

It is widely argued that the important question is not if AI will play a role in the
future, but rather which role it will take on, and more importantly, how humans can
coexist with AI (Haenlein and Kaplan 2019). Therefore, it is important to under-
stand the emergence of this technology. The roots of AI began with the foun-
dational work of Alan Turing in the early 1950s. Turing introduced the notion of
machine intelligence, proposing an imitation game to distinguish between human
and machine responses (Turing 1950). Despite controversies surrounding the
"Turing test," it became a cornerstone for the exploration of the human–machine
boundary and remains influential in AI discourse (Haenlein and Kaplan 2019). A
decade later, Joseph Weizenbaum introduced the chatbot ELIZA (Weizenbaum
1966) which is considered as pioneering work in the field of natural language pro-
cessing (NLP) laying the foundation for today’s language models. The following
decades further marked the advent of rule-based expert systems, employing pre-
defined rules for output generation within specific domains (Buchanan and Smith
1988). These systems had limited generative capacity and were primarily used in
narrow domains. However, their development led to recurrent neural networks for
coherent text generation by predicting the probability of next words in a sequence
(Marr 2019) and networks for improved pattern recognition (Huang 2023). The
early 2000s saw a significant development with the rise of machine learning and
deep learning, becoming more effective due to advancements in data availability and
computational capabilities (Marr 2019). Driven by the availability of massive data
volumes and the increased efficiency of graphics card processors, which drastically
accelerated learning algorithms, breakthroughs were made in various areas such as
advanced computer vision, speech recognition, image classification, and the abil-
ity to construct 3D scenes and assets out of 2D images (House 2019; Krizhevsky
et al. 2017; Yoo et al. 2021). Based on these advancements, a recent progress in
GAI are transformer-based LLMs such as OpenAI’s GPT (Generative Pretrained
Transformer) (OpenAI and Pilipiszyn 2021). Those GAI tools emerged rapidly in
the public attention but have been in development for years and the release of GPT-2
in 2019 already marked the beginning of GAI’s power to unleash vast economic and
societal transformation (Toews 2023). As of 2023, numerous GAI tools are avail-
able focusing on different tasks including for example the generation of text, image,

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video, audio, and code. Midjourney, for example, offers a text-to-image generator
through the messenger-service Discord and a web app (Midjourney 2023). In addi-
tion to the seemingly omnipresent LLM from OpenAI, named Chat-GPT, Bard is
another conversational GAI, powered by Google’s LLM “LaMDA” (Pichai 2023).
Like OpenAI’s ChatGPT, it was trained on a massive dataset and can be used to gen-
erate text, translate languages, create various kinds of content, and answer questions
in an informative manner. Bard has been used in a variety of scientific applications,
including data analysis, experiment design, literature review, and scientific writing.
Despite Bard’s seemingly hasty release to rival ChatGPT, Google had already pio-
neered LLM development by publicly sharing its transformer deep learning model
back in 2017.
The field has come a long way, from the early days of simple text creation to
the complex and sophisticated application use cases seen today. The development
of GAI today is marked by further advancements in algorithms and techniques that
enable a generation of new and original content. Although these recent advance-
ments are still far away from artificial general intelligence in which systems are
capable of human-like behavior in all aspects, encompassing cognitive, emotional,
and social intelligence, businesses in all industries should not neglect these develop-
ments. It is widely argued that we are entering a new era that will revolutionize how
we obtain information, generate content, cater to consumer demands, and operate
businesses (Daugherty et al. 2023).

4 Methodology and data

4.1 Approach

To gain an overview of the actual landscape in the field of GAI, we conducted a

scoping review and categorized the publications and sources with a qualitative con-
tent analysis. The primary aim of this paper is to provide an initial understand-
ing of the potential implications of GAI for BMI. Due to the novelty and rapid
development of this technology, we employed a systematic scoping review method,
incorporating scientific as well as non-scientific sources, to ensure the inclusion of
developments on the forefront of the scientific as well as public discourse. More
specifically, we followed a PRISMA-ScR, which ensures consistent reporting
items by identifying, pre-selecting, checking the suitability, and finally deciding
to include or exclude a source, as proposed by Tricco et al. (2018). In line with
Kraus et al. (2022a) and Sauer and Seuring (2023), we conducted a systematic
sampling technique involving a structured process for data collection to enhance
our study’s reproducibility and transparency. To ensure comprehensive coverage,
we additionally enriched the scientific sources with non-academic sources, includ-
ing articles, books, pre-prints, press statements, and company websites, in addi-
tion to publicly available information such as podcasts, interviews, or event record-
ings capturing industry leaders’ opinions, as also applied by other scoping reviews
analyzing recent emerging phenomena (e.g., Cheong et al. 2022; Murphy et al.
2021; Syrowatka et al. 2021). For the content analysis of the identified sources, we

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The GenAI is out of the bottle: generative artificial… 1195

followed an inductive approach, following Mayring (2000). This provides a sys-

tematic and structured approach to identify and analyze patterns in textual sources.
Following Mayring’s guideline to analyze the found content qualitatively (Mayring
2000), we structured the sources first by branches and second by specific subfields,
and then categorized them according to their implications for business models.
Fairclough et al. (2007) and Hardy (2001) advise analyzing the textual material
in three categories: (1) subjects and objectives in the text; (2) evaluation of the
used language, such as text types, speech actions, or the text tone (e.g., does the
author believe that GAI will positively, negatively, or not at all impact a respec-
tive industry, business model, or area of expertise?); and (3) the text’s core ideas,
from understanding to the context of the publication. Finally, the detected relevant
sources resulted in six industry-overarching propositions, which we assigned to
higher-level categories.

4.2 Sample selection

We conducted a comprehensive search of databases, including EBSCO, Science-

Direct, Web of Science, and Google Scholar. The data collection processes were
conducted from March 15th to April 30th, 2023. The initial approach of the search
scope resulted in targeting publications with the terms “business model (innova-
tion)” and “generative AI” within either title or abstract. However, we realized that
the combination of those terms is not sufficient for the analysis, and so we chose a
broader approach, enhanced with manual selection and the precise narrowing down
of the research funnel. Therefore, we opted for a dual search strain approach, com-
pleted by the inclusion of non-academic sources (see Fig. 2 for details).
In the first strain, we searched for “generative AI” terms (including spelling
variations such as “Generative AI”, “Generative Artificial Intelligence”, “GAI”,
“GenAI”) which resulted in 2845 hits in EBSCO. Narrowing this down further
based on the exclusion of publications older than 2022 and additionally filtering for
peer-reviewed publications resulted in 234 hits. The same search yielded 145 results
from Web of Science, resulting in 26 narrowed down results. In ScienceDirect, this
resulted in an initial 4748; again, this was considerably narrowed down to 76 results.
Last, the same search conducted in Google Scholar resulted in 3407 hits, reduced by
the filter criteria to 166. The total of 502 publications was then reduced by excluding
duplications and manually removing publications that (a) did not match the topic;
(b) were solely IT-focused (e.g., explaining the training of the datasets); and (c) that
were not in English (if not already filtered automatically beforehand). This led to
143 publications.
The second search strain was conducted with specific companies and concrete
applications, including “OpenAI,” “ChatGPT” (and its variations), “DALL-E,”
“Midjourney,” “Jasper,” “StableAI,” and “Google Bard”. These specific GAI appli-
cations and companies were selected following Forbes’ AI 50 list by selecting
companies which were additionally listed in the Market Insights report of Statista
(Cai 2023; Senn-Kalb and Metha 2023), to ensure the inclusion listing of relevant
applications and companies on the forefront of the public as well as scientific

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1196 D. K. Kanbach et al.

Fig. 2  PRISMA-ScR for this paper’s publication selection (own illustration following Tricco et al.
(2018))

discourse. Furthermore, we cross-referenced the actuality and importance by study-

ing Google Trends in AI from September 1st 2022 to April 30th 2023 and hereby
added more relevant companies, e.g., DALL-E. Given the rapid development of the
technology, it is not possible to include all tools, services, and even companies who
have launched GAI applications, but at the time of research we covered the most
intensely discussed ones following (non-) scientific literature and AI trends in search
engines by excluding the ones that do not concentrate on creating content (like text,
audio, or video). This resulted in 40,045 hits in EBSCO; filtering for results only in
2022–2023, peer-reviewed, only including English results, and removing false hits

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The GenAI is out of the bottle: generative artificial… 1197

led to 796 hits. In the ScienceDirect database, the same search led to an initial 4748
results, which was narrowed down to 505 hits. Applying the same search terms and
mechanics for Web of Science resulted in 13,740 hits, narrowed down to 115 by
applying the specific search criteria. All these results demonstrated a clear tendency
of most of the publications to focus on ChatGPT as the most prominent application
of GAI. Again, excluding duplicates and solely IT-focused publications and publica-
tions with a non-topic related focus led to 267 publications. This added up overall to
410 academic resources from the two search strains for further analysis.
Third, to stay true to the multifaceted approach to gathering relevant informa-
tion from diverse sources and given the rapid development of the topic beyond aca-
demia, we conducted a keyword search using two prominent search engines, namely
Google and Bing. The search results incorporated information from sources such as
reports, articles, podcasts, interviews, and insights from industry experts, including
consultancies. Given the number of sources, this last screening process was not con-
ducted in an extensive, all-encompassing manner. Searching for the relevant terms
in Google alone led to over 75,000 hits. Nevertheless, we included publications in
renowned (online) news outlets and industry-related reports, such as Forbes, New
York Times, Gartner, McKinsey, and Bain. We defined renowned news as articles
from trustworthy companies and news outlets (see Glader 2017 for an overview).
Additionally, we rely on the selected AI tools and companies’ websites due to their
reputable standing in the field.

4.3 Descriptive results

The research protocol described above yielded a total of 513 data points classified
into two clusters (a) data obtained from academic journal publications (n = 410), and
(b) data acquired from non-academic sources, such as online newspapers and online
repositories of the companies that have developed GAI (n = 103). GAI in general is
a topic of great interest across various domains, industries, and research disciplines.
The versatility of GAI has made it applicable to seemingly every domain. In particu-
lar, the recent hype and spike in research are based on the advancements in the tech-
nology and access to large datasets and computing resources, which have resulted in
improved GAI algorithms with intuitive operating interfaces and handling. The vast
applications of the technology have fueled research interest in it almost as rapidly as
the increase in investments in AI companies.
First, we screened and categorized the sources based on the type of GAI men-
tioned within the publication. In line with Aydin and Karaarslan (2023), we again
classified the types of GAI as “text to…” text, image, video, audio, or code. In this
way, each category is reflective of the use of GAI based on a prompted written com-
mand and differentiated between the type of output generated, namely the before-
hand mentioned five categories. While screening the sources it was searched for
the main focus type of GAI of the publication and multiple counts are included,
as the majority of sources concentrated on more than one type of GAI. In addition,
data analysis is added as a general category to describe the use of GAI in analytical
capacities, varying from, for example, drug discovery (Chen 2021; Patronov et al.

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2022) and data analytics in business education and research (Cribben and Zeinali
2023) to data interpretation to counter global warming (Biswas 2023a). The distri-
bution across the different categories is thereby not mutually exclusive. Table 1 pre-
sents the exact distribution of the types of GAI in the sample.
Moreover, we examined the industry context in which GAI is mentioned. Again,
the results of the screening are not mutually exclusive and, frequently, multiple
industries were mentioned in one publication or none. Table 2 shows the most fre-
quently included industries, starting with “healthcare” (95), followed by “education”
(92) and “media, creative, and journalism” (51). In addition, “academic research”
included 142 sources; 128 were industry “unspecified” and multiple industries, with
fewer than ten counts excluded in this overview, ranging from agriculture (Biswas
2023b; Wiles 2023) to tourism and hospitality (Carvalho and Ivanov 2023; Erul and
Isin 2023). Moreover, the conscious decision to exclude purely technical publica-
tions from the data set does not imply that we disregarded software engineering.
In fact, most of the papers included a perspective into how new software solutions
could influence their respective area of study.
As the data analysis demonstrates, the remarkable progress of GAI, especially in
natural language understanding and content generation, has undoubtedly prompted
the interest of researchers and practitioners. The analysis further shows that research
regarding GAI varies widely in its focus, (technological) depth, and methodology,
in addition to whether GAI will result in beneficial effects or if the negative conse-
quences will prevail. The research types vary from short, explorative papers com-
menting on chat interview protocols, setting the output of mainly ChatGPT into con-
text (Biswas 2023a; Du et al. 2023a; Iskender 2023; Lund and Wang 2023; Neves
2022; Wang et al. 2023a; Wang et al. 2023a), to broad, multidisciplinary perspec-
tives on a variety of topics, implications and industry analysis, primarily conducted
by research collectives (e.g., Dwivedi et al. 2023)). In addition, other studies and
publications focus on overarching topics, for example ethical discussions (e.g.,
Motoki et al. 2023; Youvan 2023; Zhuo et al. 2023).

5 Generative artificial intelligence implications for business model

innovation

This chapter introduces a macro-level analysis of technology’s impact on business

model innovation, focusing on the implications of GAI. We first present six indus-
try-overarching propositions, followed by three industry case studies, applying the
BMI matrix to specific industries.

Table 1  Distribution of types of Type of GAI

generative AI (duplicate count)
Text Image Video Audio (Music/Speech) Code Data analysis

466 178 119 88 123 140

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 Table 2  Overview of included sources per industry
Included sources per industry
The GenAI is out of the bottle: generative artificial…

Research Healthcare Education Media, creative, and journal- Professional services (e.g., Financial services Retail and commerce Entertainment Industrials
ism law)

151 95 92 51 27 25 17 11 10
1199

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1200 D. K. Kanbach et al.

5.1 Analysis of business model components and innovation activities: six

propositions

Based on our analysis, we explore the multifaceted impact and potential of GAI,
emphasizing its transformative capacity for business models. Building on our sam-
ple, we derive six propositions to provide an initial view of GAI´s capabilities to
impact (1) innovation activities, (2) work environment, and (3) information infra-
structure. Based on the outlined BMI categories (Kraus et al. 2022b), we discuss the
potential of GAI impact in three specific industries (see Fig. 3).
Proposition I—Initiators of Innovations: GAI levels the playing field for innova-
tors from all regions and social backgrounds by providing access to expertise, tech-
nology, and resources.
The first experiences with GAI demonstrate in many business areas that holding
specific knowledge becomes a less important factor in work and innovation success.
For example, a study conducted by Noy and Zhang (2023) indicates that the dispar-
ity among employees diminishes as ChatGPT narrows the productivity distribution
by providing greater benefits to workers with lower abilities, ergo leveling the play-
ing field (Noy and Whitney 2023). GAI democratizes prior knowledge by evening
out educational disadvantages, language discrepancies, and individual handicaps
(see, e.g., Gimpel et al. 2023). A very precise application of this is provided by Yue
et al. (2023) as they examine the possibility of utilizing Explainable AI and large
language models, such as ChatGPT, to transfer financial knowledge to individuals
without financial backgrounds (Yue et al. 2023). The study rests upon experimenta-
tion and demonstrates that ChatGPT has significant potential as a resource for con-
veying multifaceted financial concepts to diverse target groups.
Beyond knowledge accessibility, GAI theoretically provides technology and
resources to almost everybody. For example, it not only assists in writing code
(knowledge), but it can also run it no matter how resource-intense the execution
is or how expensive the appropriate software tool is. CTO of Microsoft Kevin
Scott describes another example of how new AI tools are democratizing access

Fig. 3  Propositions of GAI’s impact on businesses (own illustration)

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The GenAI is out of the bottle: generative artificial… 1201

to design: “An AI system such as DALL-E 2 doesn’t turn ordinary people into
professional artists, but it gives a ton of people a visual vocabulary that they
didn’t have before—a new superpower they didn’t think they would ever have.
[…] The applications of GAI are potentially endless, limited only by one’s ability
to imagine scenarios in which productivity-assisting software could be applied to
complex cognitive work, whether that be editing videos, writing scripts, design-
ing new molecules for medicines, or creating manufacturing recipes from 3D
models” (Scott 2023). Consequently, fewer hardware investments are required,
democratizing access to technology.
To conclude, GAI has the potential to shift more of the focus on creativity and
the uniqueness of ideas irrespective of a person’s regional or social background—
truly leveling the playing field.
Proposition II—Degree of Innovations: GAI’s sweet spot lies in business
models that rest upon a combination of factual knowledge and creative thinking.
This is where the potential for fast new proposition innovations and value capture
innovations is highest.
Much is currently being written about how many repetitive, fixed-knowledge
activities can be automated by GAI (e.g., product descriptions, categorizing, writ-
ing code), and the opportunities GAI opens to get creative (e.g., writing stories,
creating image ads, generating video clips). However, our analysis shows that the
greatest potential of GAI for business model innovation now lies between fac-
tual knowledge and creative thinking. This follows from two factual statements.
First, repetitive activities are mostly already inexpensive, either because they are
performed by a less skilled workforce or because they are already partially auto-
mated (see, e.g., Kagermann 2015). Thus, on this side of the spectrum, the busi-
ness case is not very strong. Second, although we do observe high-value creation
in extremely creative business areas (e.g., art, film, photography), this commer-
cial success depends only partly on the craftsmanship of creativity. More deci-
sive for success is usually the story’s ability to resonate with the audience (e.g.,
Wieczerzycki and Deszczyński 2022). GAI certainly offers the potential to move
into this area soon, but for now, it remains difficult to imagine that the next best-
selling book, the next blockbuster movie, or even the next multi-million-dollar
painting will be generated solely via GAI. In any case, commercial success in
this area remains harder to predict and uncertain (see, e.g., Berg 2022). However,
this is different for business models that are based on the combination of complex
knowledge and creative solution orientation. The workforce in such businesses
is more expensive and rarer, whereas the working approaches are still fairly rule
based. Examples are lawyers, auditors, notaries, consultants, software engineers,
architects, doctors, and therapists. Frequently, these are also the areas where, tra-
ditionally, the cost of making errors is very high and expert responsibility is key
(e.g., the audit of financial statements or notaries carrying the risk of a contract’s
inaccuracy). It is worth mentioning that GAI or the companies behind it do not
assume this responsibility by default. In fact, it remains an open question for the
future whether GAI can ever do this. Nonetheless, from a value creation perspec-
tive, this is the area where GAI’s impact can be maximized—by removing the
bottleneck of the most demanded knowledge workers first.

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1202 D. K. Kanbach et al.

Proposition III—Timing of Innovation: GAI affects most businesses via the

extension of existing products and services as readily attainable innovations are
prioritized.
The impact of GAI on new offerings will most likely be significant and shall not
be underestimated. As Przegalinska and Jemielniak (2023) argue, the shift towards
embracing GAI will lead to new offerings and business models which cannot yet be
imagined. However, many current offerings are clearly enhanced by adding GAI.
Many businesses embrace the integration of GAI into their existing products and
services. This approach focuses on incremental changes that improve user experi-
ence, making products more accessible, efficient, and streamlined. This approach
can be observed from the releases of, for example, Adobe 2023; Canva 2023;
GitHub 2023a; Microsoft 2023; Sean 2023; Spataro 2023. These large corpora-
tions did not revamp their complete software product suites but rather prioritized
readily attainable innovation and integration. This approach allows businesses to
experiment with the technology, refine its applications, and learn from valuable user
feedback. It also enables companies to leverage their established brand, distribution
channels, and customer base, thus mitigating the risks associated with the introduc-
tion of entirely new products and creating a lock-in effect. In this manner, the more
GAI is integrated, the more they are put in a position of power to potentially increase
their pricing for “smarter” software products. This also implies higher entry barriers
for smaller, new market players. As the maturity of GAI progresses, business will
potentially be better positioned to develop and launch novel products and services,
instead of making existing offerings “just” faster. Although there are initial exam-
ples emerging, these new offerings will potentially disrupt market dynamics more
drastically by leveraging the technology to a larger degree and ultimately replacing
human input in various capacities.
This already observable tendency will most likely have various BMI implications
with the adoption of new, AI-powered services and features in existing products,
helping companies to advance their offerings. In addition, the newly added features,
which will result in an eased user experience, can potentially enable new custom-
ers to be targeted, which—in the case of graphic design tools—suddenly requires
fewer skills (Agrawal, Gans and Goldfarb, 2022). Overall, customer relationships
can be strengthened, and lock-in effects can be created via even more features and
smarter, more intuitive solutions which are valued by customers. Lastly, value cap-
ture innovation, new pricing, and a potentially altered cost structure will be possible
after the roll-out of even more GAI features in existing products. However, the sole
implementation of additional features will most likely not result in a completely new
revenue model. As the example of (corporate) software adding those smart features
makes clear, subscription-based models remain their go-to solution.
Proposition IV—Impact: GAI has its highest impact on the jobs of white-col-
lar knowledge workers, for whom entire job roles will be replaced, reshaped, or
elevated.
The effects of GAI on the labor market are estimated to be substantial. Recently,
Goldman Sachs predicted that 300 million jobs could be affected by AI (Kelly 2023)
and Accenture found that 40% of all working hours may be impacted by LLMs such
as GPT-4 (Daugherty et al. 2023). GAI has the potential to revolutionize the nature

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The GenAI is out of the bottle: generative artificial… 1203

of work for white-collar knowledge workers, as outlined in Proposition I, driven by

the automation of repetitive, fixed-knowledge activities. According to Cardon et al.
(2022), the anticipated AI revolution is based on three observable tendencies: the
integration of GAI into core products by major software vendors, rapid user adop-
tion of AI tools, and the continuous release of new AI applications. Particularly
higher-income jobs with advanced language and communication skills are at greater
risk of exposure to AI-driven disruption (Felten et al. 2023). More specifically,
GAI tools have the potential to replace or reshape numerous jobs. Noy and Whit-
ney (2023) find that ChatGPT primarily serves as a replacement for employee effort,
shifting tasks towards idea generation and editing. Particularly affected jobs will
be those with highly repetitive tasks, for example, data entry clerks, customer ser-
vice representatives, proofreaders, paralegals, and bookkeepers (Mok and Zinkula
2023; Schafer 2023; Zhang et al. 2023). However, the situation is not entirely bleak.
GAI also creates new jobs as demonstrated by the increase in open position postings
related to (generative) AI tasks (Tarrant 2023). In addition, the rise of GAI offers
opportunities to elevate existing professions, for example customer service jobs
(Daugherty et al. 2023). By examining how white-collar workers spent their work-
day, GAI could enable them to devote their time to more advanced cognitive tasks,
profoundly altering the way they engage with technology to accomplish tasks (Scott
2023). This would not only potentially enhance customer relationships by offering
more efficient customer-service (e.g., 24/7), but simultaneously reshape processes
through streamlined workflow and the elimination of repetitive tasks, allowing
employees to, for example, focus on meaningful customer interaction or creativity-
related tasks. One hypothesis is that by automating tasks, workers in, for example,
care-related jobs—which are currently often undervalued and underpaid—can free
up time for human-related tasks (Gupta 2022). This could potentially result in a
more balanced and fulfilling labor market, with a greater focus on social priorities
due to the additional time that was previously spent on repetitive tasks. The outcome
will most likely be one of two scenarios: increased efficiency or reduced working
hours. In the first scenario, the increased efficiency of white-collar workers results in
a higher output with similar working hours. In the second scenario, workers produce
the same output in less time, leading to a reduction of working hours (Rees 2023).
Both scenarios raise questions about the future structure of the workday, compensa-
tion, and overall implications for the labor market. This potential change in output
can result in a range of consequences, from small efficiency gains and potential cost
reductions due to a smaller necessary workforce to a complete shift of how society
operates, for example.
Proposition V—Skill Set: GAI redefines the skill set required to generate content
as many job roles transform from creators to editors—human amplification and not
complete substitution.
The use of AI is transforming the required skillset of employees (Santana and
Díaz-Fernández 2022). The rapid development of GAI is transforming the landscape
of content production and impacting the capabilities of both companies and their
employees. Content production is meant in the broadest sense as generating media
output from given input. This transformation is causing a paradigm shift in the
human role within the creative process. Traditionally, humans have been the primary

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creators of content. There was no possibility—especially not a publicly accessible

one—of generating (high-quality) ideas and shaping them into consumable forms
without manual labor. The rise of GAI has challenged this idea, prompting a revolu-
tion of the human role in content production. GAI gives content creators powerful
tools, erasing the entry barriers to many jobs (Towson 2023). GAI tools have already
significantly reduced the marginal cost of content creation (OpenAI 2023). These
algorithms generate vast amounts of content with minimal human input. Work-
ers’ skillsets can and must therefore adapt to deliver value in the generating con-
tent process. Individuals should evaluate the quality and relevance of the seeming
abundance in a world with a zero-marginal content cost (Noy and Whitney 2023).
Therefore, one of the most critical skills in this new paradigm is judgment (Fridman
2019). The ability to discern good from mediocre or irrelevant content becomes par-
amount. This emphasis on curation necessitates the development of critical think-
ing, analytical, and evaluative skills, enabling individuals to assess the value, reso-
nance, and impact of AI-generated content—a task that cannot yet be automated. In
addition, these skills empower individuals to mold and refine the generated content,
aligning it with the intended purpose and audience. The integration of GAI in con-
tent production offers new capabilities and the potential for increased effectiveness
when employed correctly. By leveraging AI-generated content, individuals can focus
on refining and tailoring the output to suit specific needs, thus enhancing its overall
efficiency. In this manner, the collaboration between GAI and humans has the poten-
tial to unlock unprecedented levels of creativity and productivity. As Mostaque, the
CEO of StabilityAI, euphorically predicted, “with AI we figured out how to make
humans scale” (Goldman Sachs 2023). Time will tell if this prediction becomes
reality. Overall, it can be summarized that GAI’s anticipated ability to decrease the
marginal cost of content production could lead to significant business model innova-
tions along the whole value chain, enabling companies to create and capture value
in new ways. This will begin with small achievements which make existing tasks
quicker with the new capabilities to completely new processes, and lastly, entirely
new revenue models. The integration of GAI could unlock innovative revenue mod-
els by capitalizing on its capacity to augment human creativity and decrease con-
tent production costs, ultimately promoting value capture and business growth. This
would work, for example, by differentiation between freemium and premium con-
tent: By employing GAI to produce high-quality content cost-effectively, businesses
can offer basic content for free and reserve exclusive, personalized content for pay-
ing customers.
Proposition VI—Consume or Customize: It is not a question of if GAI will be
used by companies but how it will be built or integrated into the company’s data
infrastructure.
As GAI becomes increasingly pervasive, companies should decide how to adapt
their processes to harness this technology’s potential. Przegalinska and Jemielniak
(2023) argue that every company must embrace AI technology or risk obsoles-
cence. Consequently, companies face the question of how to use this new technol-
ogy appropriately. They have three overarching opportunities: utilizing off-the-shelf
LLMs; customizing models for specific use cases (independently or with external
assistance, e.g., consultancies or technology providers such as Google, NVIDIA, or

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Microsoft); creating their own LLMs, or a combination of the former (Daugherty

et al. 2023; Pounds 2023). Key factors in this decision include mitigating the risk
of proprietary data leakage and balancing the potentially large costs of training and
inference with the anticipated benefits. In addition, especially regarding BMI and
the required adaptation to a changing environment, time-to-market is a crucial fac-
tor. Pre-trained, existing LLMs offer the fastest deployment, followed by the cus-
tomization of models, whereas in-house development of an own model may take
longer to fully implement. Furthermore, off-the-shelf LLMs are accessible and easy
to deploy, even for non-experts, allowing employees to integrate GAI into vari-
ous business areas, such as marketing or customer-facing processes (Dwivedi et al.
2023). However, as businesses require more specialized solutions, customization
becomes increasingly important. Customized models demand higher investment and
capabilities, but potentially enable deeper process innovation and differentiation in
the long run. Security and data concerns are paramount when adopting GAI technol-
ogy. Third-party providers address these concerns by offering separate instances for
different tenants to prevent data leakage. The full scope of business process disrup-
tion remains uncertain, but it is likely to affect every industry. Third-party providers
facilitate the use of customized GAI solutions as opposed to using pre-trained mod-
els such as GPT-4 directly via API. One example is Epic’s implementation of Chat-
GPT in the healthcare sector (Microsoft News Center 2023). Ultimately, the choice
between adopting an existing GAI or building a company specific LLM will sig-
nificantly impact the organization’s data structure and setup. Consequently, this will
impact the company’s differentiation and value creation, and can be a success factor
when it comes to constantly innovating the business model and staying relevant.

5.2 Industry case studies

In line with the BMI categories, we analyze potential GAI implications for the sec-
tors software engineering, healthcare, and financial services. With new technologies
as a key factor in the reconfiguration of business models (Clauss 2017), the integra-
tion of GAI in various use cases and capacities will undisputedly alter many indus-
tries, the question is to what extent. The following analysis focuses on the degree
to which three selected industries will be changed, from incremental improvements
and efficiency gains to completely new revenue and business models. In these exam-
ples, we discuss the potential impact of GAI on business models, following the logic
of three underlying categories—value creation innovation, new proposition innova-
tion, and value capture innovation—with respective sub-categories, as described in
Sect. 2. Along these categories, we provide examples to demonstrate the varying
degrees of change that can potentially be caused by GAI in the future—or those that
are already visible today. Revisiting the previously discussed six propositions, the
extent of the expected influence on the business model components exhibits a broad
range. The presented industry examples serve as explanatory demonstrations of the
application of the BMI categories and basis for transfer to further industries. There-
fore, the industries have been selected in a way to cover a great variety of different
sectors with varying use cases for GAI. The first one depicts software engineering,

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a field at the forefront of GAI application due to its inherent nature. The second
one examines the potential of GAI in healthcare, specifically its potential to assist in
therapeutic processes with high societal relevance. The third one shows the potential
implications in the financial services sector, concretely in investment management.
It was selected due to the recent surge of new GAI-based products and services in an
industry characterized by trust and high importance of human interactions, creating
potentially an interesting contradiction for the adoption of GAI.

5.2.1 Case study #1 | software engineering

Through automated code generation, documentation, bug detection, and perfor-

mance optimization, GAI is predicted to impact the software engineering landscape
(Greymatter 2023a, b; Baker 2023). Already today, Stable AI’s CEO, Mostaque,
notes that 41% of new GitHub code is AI-generated (Goldman Sachs, 2023b).
Google recently made headlines by stating that ChatGPT could hypothetically pass
interviews to be hired as an entry-level software engineer, citing internal Google
sources (Elias 2023). Through cloud-based platforms and online offerings, the sec-
tor could become more accessible to non-technical users. Entrepreneurs on the fore-
front of GAI development foresee that developers will become more like product
managers, specifying, customizing, and editing rather than coding themselves. This
could trigger a change in developers’ work, from writing code to strategic decision
making (Brady 2023), with some calling the rise of GAI in software engineering a
paradigm shift as significant as the cloud or DevOps (Shank and Combs 2023).

5.2.1.1 Value creation innovation New capabilities exist already and are predicted
to grow further, including automated code generation, error detection, and resolu-
tion. Examples include Wolverine.py, which automatically finds errors in Python
scripts and fixes them (GitHub 2023a); the performance optimization of existing
code and software (Daugherty et al. 2023); or automated documentation writing
and translating code from one language to another, helping with legacy migration
(Shank and Combs 2023). Moreover, the implementation of GAI makes program-
ming easier and faster overall (Boza 2021). One study found that developers who
used GitHub Copilot reported feeling 88% more productive (Kalliamcakou 2022).
New technologies and equipment become prevalent in a shift from traditional
computing to large-scale deep learning models, for example NLP as well as other
machine learning frameworks. New and adapted processes could be necessary as the
friction to start to code disappears (Thompson 2023), challenging the traditional role
of distribution in software development. Sprint plannings and product owners as
the intermediates between developers and the business stakeholders in agile project
setups, as they are typical in especially but not exclusively tech companies, might
become less important. GAI is making it possible to write code simultaneously in
different languages and for different operating systems (Seshia et al. 2022). Conse-
quently, application development becomes faster and entails lower costs (resulting in
cheaper content production, as discussed in proposition III).

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5.2.1.2 New proposition innovation New offerings could be imaginable in the form
of AI-powered software development platforms, integrating AI tools for code genera-
tion and testing. The reduced entry barrier allows people without a technical back-
ground to start coding. Consequently, new offerings could reduce the hurdle faced by
new, non-technical developers when starting a project or certain tasks. These non-
traditional, AI-enabled developers represent new customers and markets for the soft-
ware industry. The relationship with customers is shifting as well: developers move
forward with new tasks more quickly and are more reliant than ever on their tooling.

5.2.1.3 Value capture innovation GAI could transform the value cost structure of the
software engineering industry by boosting operational efficiency, automating tasks,
and reducing overheads—especially for junior developers (Hassan 2023; van Gool
2023)—and enabling more scalable solutions. This could result in reduced costs,
optimized resource allocation, and quicker time-to-market, with shorter development
cycles and less downtime for developers, thus freeing up time for additional projects.
New revenue models could be imaginable, with marketplace solutions for plug-ins
and extensions of LLM models, which increase functionalities and data, creating an
ecosystem around the GAI APIs.

5.2.2 Case study #2 | healthcare (AI‑powered therapies)

There are few sectors in which people are so prone to searching the internet for
their problems before consulting an expert. Studies indicate that many individuals
research medical symptoms online, or even self-diagnose based solely on online
information (Hochberg et al. 2020). Among these search inquiries, mental health
issues have been growing (WHO 2022). To counter this expanding need, digital
mental health solutions, including AI chatbots, are on the rise (Hamdoun et al. 2023)
and consequently the emotional comprehension capabilities of GAI are gaining
attention (Uludag 2023). Assuming users’ data privacy is safeguarded, encrypted
GAI chatbots can serve as confidants, allowing individuals to share their emotions,
or psychological symptoms, and feel heard (Eshghi 2023). By enabling healthcare
providers to analyze vast amounts of medical data and make more accurate diag-
noses, in addition to making more data-driven decisions, valuable time could be
freed up for healthcare providers (Dilmegani 2023; Lin 2023). Through virtual and
hybrid concepts, or completely outsourcing tasks to AI-powered bots, therapy could
be made accessible to a wider group of patients in the future. However, some experts
emphasize that mental health apps should only be used as a supplement to in-person
therapy (Wakefield 2023).

5.2.2.1 Value creation innovation AI-driven diagnostics, personalized treatment

plans, and virtual mental health support are potential new capabilities with which
doctors could provide better-quality care to more patients. New technology and
equipment could amplify their work, enabling them to treat more patients by uti-
lizing, for example, NLP powered chatbots, which would act as virtual therapists
to pre-diagnose or screen patients or provide 24/7 support (Metz 2023). Already,

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some users are turning to ChatGPT as a personal therapist—despite privacy con-

cerns regarding the anonymity of their data (Metz 2023). New partnerships are
imaginable with AI developers, healthcare providers, or third-party technology
companies, implementing AI mental health therapy in hardware, for example in
wearables such as smartwatches. New processes could be more efficient and auto-
mated with the help of AI-driven tools by, for example, drastically reducing the
time spent on patient documentation and back-office tasks such as the scheduling
of shifts.

5.2.2.2 New proposition innovation New offerings and new channels could
include AI-powered therapy apps, online mental health support platforms and
communities, therapy with virtual reality, or self-help courses with customized
topics tailored to the individual needs, all powered with NLP, sentiment analysis,
and machine learning. New customers and markets could be reached because of
the reduced costs, making healthcare cheaper and more accessible by automating,
for example, pre-screening or AI-conducted pre-diagnosis (Greymatter 2023b). In
addition, new customer relationships might be formed with more autonomous and
informed patients, who can monitor their own condition better and provide valu-
able feedback and actual data (e.g., with smart wearables combined), thus enhanc-
ing the therapy’s success.

5.2.2.3 Value capture innovation Increasing numbers of pay-per-session and

subscription-based models have appeared in recent years (e.g., Stanford therapy
chatbot or Woebot Health). AI-powered mental health solutions will most likely
decrease costs drastically and thereby enable a broader patient group to access the
services. A freemium model is imaginable in which some services and assistance,
for example via chat, are free, whereas consultations with a human doctor are
charged. Value cost structure can be impacted through efficiency gains, reduced
overheads, more automation, and the outsourcing of repetitive tasks, meaning that
human doctors can shift their focus towards value-adding tasks. In addition, the
extended, potentially global reach allows for an unprecedented scalability of ser-
vices. So, what should we expect? Mental health chatbots, increasingly popular
and smart, will most likely provide a discreet, convenient avenue for addressing
mental health concerns such as anxiety, depression, or stress in the future to a
growing target group who require assistance.

5.2.3 Case study #3 | financial services (investment management)

GAI has the potential to impact investment management through data analysis,
risk assessment, and decision-making (Ko and Lee 2023). By employing sophis-
ticated algorithms to process vast amounts of financial data, GAI could identify
patterns, predict market trends, and uncover investment prospects. This would
ultimately enhance investment strategies, optimize returns, automate due dili-
gence, and improve portfolio performance (Daugherty et al. 2023). In addition,

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GAI could help with fraud detection as well as customer-facing tasks such as
personalized financial advice in wealth management, for example (Schmidt and
Albright 2023). It appears that change is already happening, with new tools
such as the IPO prediction software developed by PitchBook (Wiggers 2023);
the “ChatGPT of finance,” Finchat; or the launch of Bloomberg’s own 50-bil-
lion parameter large language model (Bloomberg 2023). Another example is
GPTQuant, a conversational AI chatbot for developing and evaluating investment
strategies (Yue and Au 2023). Initial harbingers can be seen in the surge of job
postings related to AI in the financial sector: Stanford’s AI Index Report (Maslej
2023) places the AI job postings in the finance industry as the third highest out of
all industries. Nonetheless, in an industry where trust is crucial and that is tradi-
tionally not an early adopter (Hinkfuss 2023), it is especially necessary to ensure
the safe, reliable, and compliant usage of GAI (Lau 2023).

5.2.3.1 Value creation innovation Enhanced new capabilities, such as AI-driven

analytics, could enable firms to uncover patterns and predict market trends, leading
to more informed investment decisions. Improved risk assessment through AI-gen-
erated insights could support decision-making, whereas AI-driven research could
enable better due diligence and risk minimization, ultimately leading to improved
work efficiency and reduced working time of analysts (Daugherty et al. 2023).
New technologies and equipment integration is also a new reality with the strong
interconnection of hardware and AI, as demonstrated by the news that Bloomberg
has integrated AI into its famous terminal (Sheikh 2023). New partnerships with
AI technology companies could provide direct access to cutting-edge tools, while
collaborations with data providers ensure access to financial information. Engag-
ing with regulatory institutions is thereby crucial to guaranteeing that AI-driven
investment practices are compliant. Following this hypothesis, new processes
would be required to facilitate the adoption of AI in due diligence, risk assess-
ment, and portfolio building. These processes, resulting from new capabilities, can
optimize the efficiency and effectiveness of investment strategies.

5.2.3.2 New proposition innovation New offerings could arise in the form of inte-
grating AI into investment products, leveraging AI-generated insights, or using
predictions to optimize returns. AI-powered trading algorithms could analyze and
act upon real-time market data, enabling high-frequency and automated trading.
Moreover, GAI can be used to detect fraudulent financial transactions by identi-
fying patterns previously hidden to human inspection (Hinkfuss 2023). This can
assist financial institutions in identifying and preventing fraudulent activity. Due
to the automation of tasks, new customers and new markets could be addressed
with the reshaping of cost structures. Personalized investment and wealth man-
agement could be offered to a wider audience—not only would high-net-worth
individuals have access, but everyone could profit from AI-driven financial plan-
ning based on insights into their preferences, financial situation, and needs. As a
result of this, the new channels to offer robo-advisory services could potentially
be digital—for example, in the form of apps and online platforms. Lastly, all these

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changes could elevate and alter the customer relationship through data-driven per-
sonalization, accompanying the client’s preferences and individual risk tolerance
profile. In addition, NLP chatbots, which are available 24/7, could improve their
availability and therefore customer satisfaction.

5.2.3.3 Value capture innovation New, or rather slightly altered, revenue models
could be envisioned in the form of performance-based fees, contingent on achieving
specific benchmarks, thus incentivizing investment managers to leverage AI to maxi-
mize client returns. Freemium models could expand the customer base by providing
basic AI-driven investment tools free of charge while charging for premium features
and services.
Value cost structure: As elaborated in new proposition innovation and in line
with proposition five, operational efficiency could be enhanced by implementing AI-
driven tools for research, risk assessment, due diligence, and portfolio management
tasks. This would decrease operational costs with reduced needs for (entry-level)
analysts while simultaneously boosting investment outcomes with better decision-
making. This potentially also applies to automation, driven by utilizing AI-powered
algorithms for tasks such as trading and portfolio rebalancing, which subsequently
minimizes human intervention and associated labor costs. Moreover, scalability
could potentially be achieved by leveraging AI to efficiently expand the availability
of investment management services, accommodating a larger customer base with-
out a significant increase in costs. Customization and personalization, utilizing AI-
generated insights, could enable tailored investment strategies and financial advice,
resulting in enhanced customer satisfaction and retention in addition to optimized
resource allocation.

6 Limitations

First, a limitation with any kind of (generative) AI-related research attempt is the
speed of development of the phenomenon. As Coldewey, a writer for TechCrunch,
explains: “Writing a report on the state of AI must feel a lot like building on shift-
ing sands—by the time you hit publish, the whole industry has changed under your
feet” (Coldewey 2023). However, the continuous advancements in AI technologies
and the growing influence of GAI on various industries necessitate an understand-
ing in light of the theoretical concepts of management research. Therefore, our study
takes these recent and fast-moving developments and frames them in the theoreti-
cal context of BMI, contributing to an understanding of the GAI phenomenon that
will stand the test of time. However, with new developments, this view should be
extended in future research which empirically analyzes the upcoming business mod-
els in this field.
Second, some of the included articles, albeit peer-reviewed, consist of the same
structure: A topic is discussed with ChatGPT in a chat format and the authors
merely comment and set the output into context. Although this might appear less
academic, this type of research provides valuable insights into the practical applica-
tion of ChatGPT and its outputs. These articles offer real-world examples of how

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GAI can be used to generate content, and the authors’ commentary helps contextu-
alize its strengths and limitations. Furthermore, the inclusion of these articles con-
tributes to a more comprehensive understanding of the current state of AI research
and demonstrates the diverse range of methodologies employed in the field. Future
research can also focus on understanding the implications of GAI on research meth-
odologies by considering academic research as an industry affected by technological
developments.
Third, as with any type of qualitative scoping review, the methodology possesses
certain constraints. Among these is the exclusion of publications in languages other
than English and German. Another limitation is the researchers’ subjectivity in
defining relevant concepts, aggregated themes, and interpreting the outcomes. Nev-
ertheless, to mitigate subjectivity, we included a four-eye coding approach, whereby
two researchers, separately from one another, analyzed the data, and interim results
were discussed by the entire team of authors.
Fourth, the limited scope of the three included industries as case studies poses a
selective and not generalizable sample. They were selected to cover a great variety
of different sectors with varying use cases for GAI and serve only as explanatory
demonstrations of the application of the BMI categories.

7 Conclusion

This study aims to provide a business model innovation perspective on the increas-
ing phenomenon of GAI. To summarize the findings from the extensive scoping
review, GAI is foreseen as significantly impacting business models across industries
in the areas of value creation innovation, new proposition innovation, and value cap-
ture innovation.
Regarding value creation innovation (as detailed especially in proposition I, V,
and VI) GAI already facilitates new capabilities, technologies, partnerships, and pro-
cesses. First, the rapid advancements GAI offers are reshaping information access,
content creation, and business operations, allowing freed-up time through automa-
tion and the potential restructuring of processes and departments. Second, another
potential for business model innovation exists at the intersection of factual knowl-
edge and creative thinking—companies must identify this sweet spot and be aware
that if they do not fill it, another player might discover how the new capabilities can
be used advantageously. Third, the most visible GAI implementations as of now are
efficiency improvements made to existing products and services—often by estab-
lished corporations that wish to broaden the lock-in effect of their already renowned
(software) products. It remains to be seen when the “real” innovation in the form of
completely novel products and services will emerge, building something from the
ground-up with novel possibilities to think and solve problems with the help of GAI.
Regarding new proposition innovation (as elaborated further especially in propo-
sition II, III, and VI), GAI can lead to new offerings, markets, channels, and cus-
tomer relationships, as seen in, for example, personalized marketing campaigns
and enhanced customer service experiences. GAI is expected to have the most
significant impact on white-collar knowledge workers, reshaping their roles while

13
1212 D. K. Kanbach et al.

simultaneously creating new opportunities. In addition, GAI redefines the skill set
required to generate (almost) any type of content, with an increasing focus on criti-
cal thinking and evaluative skills—shifting the role of humans from creator to editor.
Regarding value capture innovation (as detailed further especially in propositions
II, IV, and VI), GAI can drive new revenue models and cost structures, as dem-
onstrated by reduced content production costs and novel monetization strategies—
increasing the attractiveness of mass customization and freemium models with
decreased marginal costs of content creation.
Ultimately, GAI will continue to evolve and permeate various industries, push-
ing the boundaries of what was previously thought possible. As businesses navigate
this new landscape, they must adapt to the changing environment, harnessing the
power of GAI to enhance their productivity, innovation, and competitiveness. The
future success of businesses will also be determined by their ability to embrace GAI
technologies and effectively integrate them into their existing frameworks while
continually exploring new possibilities for growth and differentiation. The extent of
GAI’s influence will depend on each company’s specific context and their willing-
ness to embrace these technologies, with early adopters potentially gaining competi-
tive advantage compared to slower market players. GAI and LLMs will undoubt-
edly optimize tasks, enhance human abilities, and enable enterprise reinvention—to
which degree remains to be seen. However, it is clear that the rise of GAI presents a
paradigm shift in the manner businesses operate and innovate. GAI has the ability to
democratize access to knowledge, and capabilities to create content with zero mar-
ginal costs, thereby leveling the playing field for access to resources.
However, amid all the praise and promises of the new technology, the rapid
growth of GAI presents significant challenges. Even the entrepreneurs at the fore-
front of AI say that caution is required. Altman (OpenAI CEO) stated that he is “(…)
worried that these models could be used for large-scale disinformation, now that
they’re getting better at writing code, they could be used for offensive cyber-attacks”
(Ordonez, Dunn and Noll 2023). Google CEO Pichai warns against rush to deploy
AI without oversight and demands “(…) strong regulations to avert harmful effects”
(Love 2023) and accentuated that the development of AI should include not just
engineers, but social scientists, philosophers and so on, to ensure the alignment with
human values and morality (Dean 2023). Some of the main concerns are the follow-
ing: ethical biases inherently rooted in the data that the large datasets were trained
on could reflect historical or societal biases in the GAI such as racial or gender prej-
udices (Motoki et al. 2023; Youvan 2023; Zhuo et al. 2023), manipulation and dis-
information scams intellectual property theft (Yurkevich 2023) and, lastly, the—for
now dystopian—idea of a post-humanism area with general AI dominance. All these
aspects require consideration, despite the enormous upside potential for innovation.
To prevent the propagation of biased AI systems, it is crucial to implement ethical
frameworks for AI development—an approach agreed upon by researchers (Gold-
stein et al. 2023) and companies on the forefront of AI development alike (Google
2023; OpenAI 2018; Meta AI 2023). Transparency, fairness, and inclusivity must
be upheld. Mitigating the associated risks will require new policies and laws and
the establishment of collaborations between countries, given the technology’s global
reach. As of now, regulators often face the challenge of penalizing misuse of GAI

13
The GenAI is out of the bottle: generative artificial… 1213

due to legal limitations (Dwivedi et al. 2023). To ensure the human-centric focus of
AI developments with the necessary degree of oversight and accountability, various
institutions (e.g., OECD’s principles on artificial intelligence, OECD.AI 2023)) as
well as governments (e.g., the ongoing aims to establish new regulations of the US
government (Shepardson and Bartz 2023), or the temporary ChatGPT ban issued by
the Italian government (Mukherjee et al. 2023)) are currently trying to ensure the
uphold of societal values in light of AI’s rapid expansion. As society and businesses
alike navigate this complex mix of opportunities and challenges at the advent of this
new technology, it becomes apparent that GAI stands to become a game-changer,
ready to spark a new era of innovative prowess and entrepreneurial vigor.
This will also impact further research in the management domain. Given the
novelty of the topic this study can only provide a first, mainly hypothetical view
on how GAI will impact business models and trigger innovations along the value
chain of businesses. Therefore, future research endeavors should include empirical
approaches, analyzing measurable effects on businesses, with e.g., companies’ per-
formance and/or the degree of measurable business model innovation as the depend-
ent variable of the studies. Additionally, longitudinal study designs are required
to understand the evolution of GAI over time and its evolving impact on business
models.

Funding Open Access funding enabled and organized by Projekt DEAL.

Data availability statement Our manuscript has no associate data.

Open Access This article is licensed under a Creative Commons Attribution 4.0 International License,
which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as
you give appropriate credit to the original author(s) and the source, provide a link to the Creative Com-
mons licence, and indicate if changes were made. The images or other third party material in this article
are included in the article’s Creative Commons licence, unless indicated otherwise in a credit line to the
material. If material is not included in the article’s Creative Commons licence and your intended use is
not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission
directly from the copyright holder. To view a copy of this licence, visit http://​creat​iveco​mmons.​org/​licen​
ses/​by/4.​0/.

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Publisher’s Note Springer Nature remains neutral with regard to jurisdictional claims in published maps
and institutional affiliations.

Authors and Affiliations

Dominik K. Kanbach1,2 · Louisa Heiduk1 · Georg Blueher1 ·

Maximilian Schreiter1 · Alexander Lahmann1

* Dominik K. Kanbach
dominik.kanbach@hhl.de
Louisa Heiduk
louisa.heiduk@hhl.de
Georg Blueher
georg.blueher@hhl.de
Maximilian Schreiter
maximilian.schreiter@hhl.de
Alexander Lahmann
alexander.lahmann@hhl.de
1
HHL Leipzig Graduate School of Management, Jahnallee 59, 04109 Leipzig, Germany
2
School of Business, Woxsen University, Hyderabad, India

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