Artificial intelligence (AI) has become an indispensable part of business life and is being used more and more frequently due to its multifunctional capabilities. It can be an essential competitive advantage, especially for customer-oriented and innovation-oriented business models. However, there is increasing interest in integrating generative AI into innovation. More and more companies are integrating language models (large language models, LLMs) such as ChatGPT as problem-solving agents in their innovation process to effectively meet customers’ growing demands. As companies’ interest grows, so does research interest in the interface between AI and innovation. However, the current research field is still fragmented and study results are oriented toward individual case studies in various application fields. There is currently no bundled approach that integrates and systematizes current studies. This article examines how AI can be integrated into the various phases of the innovation process. The results indicate that AI can be used in all phases of the innovation process, taking on the role of a supporter, an extension, or an independent actor. This study also briefly addresses the negative impacts of AI on the economy and society.