But technology is moving at a fast pace and to realise the full potential of the latest innovations, such as AI and advanced smart buildings, a progressive mindset from both government and private sector is required. Innovations have often extended and uncertain paybacks, investment from both parties working together will be necessary to realise the benefits of any such new technology.
The relationship between government and industry, therefore, is now more important than ever. However, to enable the public and private sectors to work together more effectively we need to get contracting right.
It's not uncommon for public sector commercial relationships to be reported negatively in the press when things don't go to plan. It's imperative to learn from these experiences, because the themes of what can go wrong are often replicated across public-private contracts.
Perhaps in the future, technology could even help us to create near-perfect commercial relationships and to that end, I asked AI chatbot ChatGPT how commercial excellence should be delivered by public sector property professionals. The robot responded with the following:
- Maximising financial return on property assets through effective management and utilisation,
- Adhering to ethical and transparent procurement processes,
- Ensuring compliance with relevant regulations and laws,
- Developing and maintaining strong partnerships with stakeholders,
- Incorporating sustainability considerations in property decisions,
- Continuously seeking to improve property services and outcomes for the public.