Latency is the time interval between the action made and action accepted. In mining, it is really improtant as it affects the mining efficiency (ratio between accepted and rejected shares). You can improve the latency by moving your mining farm as close to the pool's location as possible or by choosing the pool that is the closest to your mining farm's location.
Another alternative is a minerstat's service Stratu.ms, which allows you to deploy your own private stratum anywhere in the world. By deploying stratum as closest to your mining farm as possible, you can decrease the time your mining farm needs to connect to the stratum and utilize the backbone internet connection that redirects your shares to the pool.
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