UNIX for Advanced & Expert Users

If you note the list, there are a number of running ones.

If these were equation solving programs your CPU utilisation would be close to 100% (or 4800% by some reckoning) which is not itself a problem unless there is a queue for cpu time.

What is the realtime duration of a typical process of the proposed 96 processes? What is the frequency of invoking these processes?

You mention processing files. Do you have statistics on individual disc wait times? Something is slowing the application but it is not CPU or swap.

There is a bottleneck somewhere on this computer (which may or may not matter) but without a mention of the design of the application or or a performance problem we are guessing.

Beware that Solaris 10 and newer always report 0 for iowait regardless of what is actually happening under the hood. This metric has proved itself both confusing (iowait is really idle time as far as the CPU is concerned) and inaccurate.

See OpenSolaris Forums : Wait I/O Calculations ... for details.

That's right. iowait on most unices an lunices (other than Solaris>9) nowadays just means idle time during which IO was being performed. It has become a largely useless statistic, but it may sometimes give a rough indication of where to look.

Not only nowadays. As far as I know, this metric has always meant idle time while an outstanding I/O was in progress.
Indeed although I would say it stayed a largely useless statistic here. Knowing how many I/Os are waiting to be processed is a much better one.