Automatic Cancellation of transactions due to inactivity - what is the best way?

Summary: We have a requirement to automatically cancel transactions if it has not yet reached a specific status in a month's time from creation date. For other order types, the rule will be to cancel if no updates in last 30 days.

One approach we could think of is to create a commerce library function to look for eligible transactions and perform the cancellation through REST API s, and then attach the library function to a CPQ action. Periodic triggering of the action will then be managed in OIC.

Will timer be useful for our purpose, and if so, would it be better than the approach of library function mentioned above?