As more things are connected to the internet we will come to understand ourselves better.
The sensors on and in our bodies will allow us to understand how our bodies operates. The ability to effectively monitor our bodies will revolutionise the ease with which ailments and conditions are identified and the way in which they react to treatment. This will allow hospitals to operate far more efficiently with the limited resources (medical staff, pharmaceuticals, equipment) they have. Given a perfect world the sensors will enable treatment to be given at the time and in the manner most effective for the individual patient thereby maximising the outcome for the effort and resources.
The sensors in the products and services we consume will tell us more about the way in which we use that product or service. It will also allow the businesses that supply them to us to understand better how to meet our requirements. It will allow businesses to focus on what they understand to be important rather than what they assume is. For industries such as electricity a smart network will allow the retailer and generator to make sure that they understand where issues are arising on the network and when resources are stretched. It will also allow the same businesses to present alternatives to their customers to see if they can change behaviour. Each additional unit of power purchased off peak will be either a unit that would not otherwise have been sold or a unit that may have required additional investment in infrastructure so that it could be delivered at peak. Customers will be presented with a choice between cost and time.
Businesses can see this massive increase in data as an inconvenient requirement to change their practices or they can embrace it as a way to better understand what is needed and how best to deliver that. As more information becomes available businesses will be able to better use the resources they have to deliver the best outcome. The IoT may be a massive disruptor but ignore it at your peril.
Industries that will face "significant" disruption over a longer period of time include healthcare and utilities. "Australia's century-old electricity market is undergoing structural changes, driven by the rapid development of renewable energy, government mandated energy policy targets and new energy consumption patterns," the report says. "We expect digital disruption from the Internet of Everything to improve utilisation of assets, increase system flexibility, and drive behavioural changes among consumers (smart meters, a subset of the smart grid, will provide better, real time information to customers and operators, enabling a change in consumption patterns and new commercial offers)."