An item management system and a key management system are provided. The key management system includes a plurality of keys, each key including an RFID tag in association therewith; a plurality of key storage positions, each for storing one or more of the plurality of keys; a visual indicator associated with each of the storage positions, the visual indicator configured to indicate a status of one or more of the key storage positions; at least one RFID reader configured to read the RFID tags of the plurality of keys; and at least one processor, coupled to the at least one RFID reader, the at least one processor configured to determine the presence of at least one of the plurality of keys in an associated storage position of the plurality of key storage positions.