This method is in own way good, but I would use it in a tandem with other not less important methods for prevention of delay and absenteeism at work.
For a start, I would make the general meeting at which would let to all workers know that their actions are controlled and analyzed.
I would find such arguments which would increase motivation of employees to their work.
I would try to encourage somehow activity of those employees who have no delay and honestly treat work.
For example, would enter free healthy food for them into a lunch break or incentive payments for every quarter.
It seems to me that the offered methods would be interesting to you.
I wish you a right choice and successful realization of these, and maybe other ideas.