Higher education has been profoundly impacted by the rapid development and growth of Generative AI technologies. Higher education institutions (HEIs) have responded in a diverse and fragmented way to these emerging opportunities in 2023/2024. The Delphi technique was used in this study as a valuable method to gain information about the perceptions of business students regarding the implementation of AI in the teaching and learning process. Among the main impacts of AI on higher education identified by students, the top positions were held by Automation which simplifies routine activities and enables rapid data analysis, Access to many up-to-date information resources, and New interactive forms and learning methods. Students do not believe that AI will replace teachers in their role in education. The findings of this study highlight the transformative potential of Generative AI technologies in higher education. The student experience of Generative AI applications will continue to evolve. HEIs must responsibly monitor the development of AI and need to be proactive in monitoring and governing the use of Generative AI tools, as they present both challenges and opportunities.