Imagine you're asked to optimize a slow-running piece of code in R that contains nested loops. What are some strategies you could use to improve its performance?

To improve the performance of a slow-running piece of code in R that contains nested loops, you can use strategies such as vectorizing operations within the loops, preallocating output objects to reduce memory reallocation, and utilizing R's apply family of functions (e.g., apply(), lapply(), sapply()) to avoid explicit use of nested loops. These strategies can significantly improve the performance of the code.