When you start a memory read, the word doesn't appear instantly. The address has to pass through the address decoder, the selected row has to drive its bit lines, and the output buffers have to switch. The total delay is the access time.
Until it has passed, the data lines may hold anything. So whatever copies the word, usually a processor register, must wait at least the access time after the address and chip select are valid.
Typical scales:
- on-chip SRAM caches: around a nanosecond
- DRAM main memory: tens of nanoseconds
- flash: microseconds for a read
When memory is slower than the processor's clock, the processor waits extra clock cycles for each access. That gap is why systems put a small fast cache between the processor and main memory.