Example Concept: Implementing a tiered storage strategy is a key cost optimization technique for data lakes. This involves using different storage classes based on data access patterns — frequently accessed data can be stored in high-performance storage, while infrequently accessed data can be moved to lower-cost, archival storage. Additionally, using data lifecycle policies to automatically transition data between these tiers can further reduce costs by ensuring that data is stored in the most cost-effective manner as its access patterns change over time.