This paper aims to consolidate and advance the understanding of the business value of Generative Artificial Intelligence (GenAI) by reviewing existing literature from academic sources and industry reports. Based on the existing literature on IT business value we categorized the impact of GenAI along three dimensions: strategic, informational, and transactional. Strategic implications reveal the potential of GenAI to drive innovation and growth, emphasizing the need for a balance between innovation and cost efficiency. Informational implications underscore the importance of integrating GenAI into decision-making processes effectively to enhance market analysis and R&D functions. Transactional implications focus on maximizing business value through managing transitions and reshaping job roles. The paper calls for further research to validate case-based findings quantitatively, explore innovation-cost efficiency interplay, and understanding long-term implications to fully leverage the benefits of GenAI.