The article focuses on one aspect of artificial intelligence – Generative AI (GenAI) – which is expected to offer significant opportunities in different areas of business, industry, and society. GenAI is the current state of the decades-long development of artificial intelligence (AI), and many companies are currently looking for ways to benefit from this market-changing technology. The use of GenAI in business practices is topical among companies and organizations, and decision-makers across the globe are considering the future potential of GenAI and large language models (LLM) for organizations and businesses. The aim of this paper is to examine the utilization of artificial intelligence in business operations and industry, emphasizing both the opportunities offered by GenAI as well as the challenges related to its usage. Additionally, the paper strives to determine whether the phenomenon is real or merely hype, as well as addressing its so-called revolutionary status. The topic is approached through a light literature review and discussion on the findings of two studies carried out in Finnish companies related to GenAI utilization.