Yep. Great start. Custom Access templates could integrate with and manipulate that information seamlessly. Think of sales/work orders, project sheets, whatever front end data entry forms you may develop that require accessing (or adding to) the backend Excel information. Add a part to an Access service template and Excel provides the price and any other desired information and adjusts its inventory accordingly. Generate a purchase order and the items are added when it's closed out. No need to manage two or more programs to accomplish a single task. Setting it all up for your particular situation would take a little time, but would also save a lot in the long run. And don't get me wrong, Excel is mighty powerful in its own right. Access just gives it a more friendly (and flexible) frontend if you happen to have it available with an old MS Office suite..., and the time (or desire) to tackle it.
On the other hand, Bob Johnson still does just fine with microfiche and index cards, so....... LOL.