The Elevator Algorithm is a method used in computer science to manage the movement of data in storage systems, particularly in disk scheduling. It mimics the operation of an elevator, moving in one direction to service requests before reversing direction to handle requests on the opposite side. This approach helps minimize the time the disk head spends moving, thereby improving overall efficiency. In this algorithm, requests are queued based on their position relative to the current location of the disk head. When the head reaches the end of its range, it reverses direction, ensuring that all requests are addressed systematically. This method is particularly effective in reducing latency and optimizing performance in systems like operating systems and database management systems.