That's the time it takes between pressing the button and actually getting the picture. It will make you miss the moment. It's not shutter speed. That would be something else.
Shutter lag is caused by LiveView, the use of the rear LCD as the viewfinder. All point-and-shoot cameras including bridges have it. You may also suffer from it if you use a dSLR in LiveView mode. The only way to avoid shutter lag is to use a camera with an optical viewfinder.
There are ways to improve your shots. Make sure you have lots of light so the camera can use a fast shutter speed. When light is low, the camera will force itself to use a slow shutter speed to gain enough light to make the picture. Blur will be evident if shutter speed is slow. With most point-and-shoot cameras, shutter speed is automatically set by the camera.
Even under lots of light, if you continue to miss the shot you intended to get, learn to anticipate. Even with dSLR's at full manual control set to the faster shutter speeds, anticipation of the action plays a vital role of getting it exactly right.
A point-and-shoot camera can be used for action as long as you its limitations and adapt to it.
Now you know!