Yes. You can always choose to reactivate the Mobile App for Inventory Management Plugin. However, there are 2 possible scenarios here.
Scenario 1: Your reactivation date is BEFORE the end of your current billing cycle. In this case, you just need to put a tick on the checkbox on the Mobile App for Inventory Management Plugin Tile, and the Plugin will get activated.
Scenario 2: Your reactivation date is AFTER the end of your current billing cycle. In this case, you will have to again subscribe to the Plugin through the normal subscription process.