Child component:
export class Child {
    @Input() public value: string;
    public childFunction(){...}
}
Parent component:
You can use the ngOnChanges() lifecycle hook
export class Child {
    @Input() public value: string;
    ngOnChanges(changes) {
      this.childFunction()
    }
    public childFunction(){...}
}
or use a setter
export class Child {
    @Input() 
    public set value(val: string) {
      this._value = val;
      this.childFunction();
    }
    public childFunction(){...}
}