Product Lifecycle Management (PLM) is a common concern in industry. The whole cycle view allows faster product development with more control of risks and processes. Through PLM quality and effectiveness of product development and planning can be improved. Portfolio of products can be considered rather than single products alone. Throughout the PLM phases many decision are made, and Group Decision Support Systems (GDSS) can be useful in supporting these. This is especially true where Concurrent Engineering (CE) practices are used to compress the lifecycle through parallelism and cross-functional teams. This paper argues that social media software will change many aspects of work engagement and specifically aspects of product lifecycle management processes. We investigate popular social software systems with a view to using them as group decision support systems. We discuss the functionalities and how they would be useful within decision making in terms of group decision making processes. We discuss advantages and disadvantages of various aspects of social software in decision making and conclude that social software techniques are useful within a business context, but not as they are currently implemented for social purposes.