An inventory management system provides automated management of medical item inventory and maintenance of a digital chain of custody for medical items. Medical items are labeled with an RFID-encoded tag that also displays a 2D barcode. The RFID tag and the 2D barcode both encode the same serialized Electronic Product Code (EPC) data for each specific item. Reading of the RFID tag is performed using a fixed or handheld RFID reader. Reading of the 2D barcode is performed using a handheld mobile device, such as a tablet or smart phone. The two-technology label allows for the digital chain of custody to be updated by means of RFID scanning in locations where RFID readers are available and by using a smart phone or tablet to read the 2D barcode in locations where RFID readers are unavailable.