An on-demand scanner is one that does not actively protect the computer. This means that you manually open the program and manually start to scan.
Real-time protection means that the program is actively scanning all the time. For real-time protection you want to make sure that you only run 1 AV, 1 Anti-spyware, and 1 firewall.
You may have as many on-demand anti-spyware programs as you want. Definition files for all these programs are somewhat different as some will define as spyware what others will not.
I'm afraid I'm not familiar with this particular security program. It looks like it is a suite?
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An ounce of prevention is worth a pound of cure
SpywareBlaster, WinPatrol Plus, ESET Internet Security, NoScript Firefox ext.