Increasing the value creation is constantly the main agenda and objective for the fish processing plants in competitive environment and especially under the restrictions given by the limits of quota in the ITQ system. The paramount objective is to improve economic performance and efficiency of the companies and reach sustainable competiveness. At the present, this is achieved by adopting innovative digital and automated industrial technologies. In short to take the step into Industry 4 by implementing highest level of automatization by applying robotics, digitalisation, X-ray vision and laser technique and industrial internet in the processing process. This gives the fish processing sector in Iceland (and other European fish processors) new competitive edge in increased labour cost advantages, shrinking the motivation to move processing to low cost locations as can been seen in development of fish processing in China. At the present great number of the fish processing plants in Iceland have taken large steps toward applying these advanced technologies to reduce their cost bases, improve quality of the end products, customise their products, building new and improving old customer relationships to speed up all the processes in the value chain to bring the products faster to the customers. The focus will be on the following: Steps in technical development and improvements in efficiency and productivity in the last 20 years; Recent innovation in technical development towards digitalisation and automatization; Impacts on economic performance.