The application of AI is expected to enable new opportunities for innovation management and reshape innovation practice in organizations. Our exploratory study among 150 AI-savvy innovation managers reveals four different clusters in terms of how organizations may use and implement AI in their innovation management ranging from (1) AI-Frontrunners, (2) AI-Practitioners, and (3) AI-Occasional innovators to (4) Non-AI innovators. The different groups vary not only in their strategy, organizational structure, and skill-building but also in their perceived potential, understanding of the required changes, encountered challenges, and organizational contexts. Our study contributes to a better understanding of the current state of AI-based innovation management, its impact on future innovation practice, and differences in organizations\' AI ambitions and chosen implementation approaches.