You can see the early fruition of this by looking at how useful Google Now/map planning etc are.
Computers could be our all knowing assistants.
That's on a very surface superficial level.
Imagine the kinds of benefits when this all knowing entity is applied to medical issues. Real substantive progress could be made.
However, today's mismanagement of data could scare people off all knowing entities for good & end up severely limiting real progress.
As with everything else, all that data is rife for abuse if the necessary legislation & technical limiting/auditing regarding access/use are not first put in to play.