The topic of this research is the role and significance of modern controlling function with emphasis on value chain controlling. Controlling is a function that plays a significant role in providing support for managerial decision-making by information, counselling and coordination. The research aims to examine the meaning and role of controlling in modern companies operating in a dynamic and turbulent environment that requires flexibility and adaptability with emphasis on value chain controlling. Research results show that controlling first developed into practice, and then began to be analysed from theoretical point of view, which is the cause of the diversity of application of controlling tools in some countries of the world. In the Republic of Croatia, the application of controlling is segmented and incomplete, and further development of controlling is necessary - in line with the innovative controller role. Innovation-oriented controlling uses controlling instruments and tools to timely and accurately direct management decision-making in view of the complexity of factors in the environment. As business boundaries become more blurred and companies operate within the network of value chains, it is crucial to extend controlling tools at all stages of value adding process.