The game has no button to skip the monsters animations, only the sliders for combat speed. messages and monster movement, accessable under "Options" --> "General".
Monster movement can be additionally accelerated with "wiz8fast" combat speed enhancer,
(i think it accelerates mainly the "walk" and "transition" anims, not the more decicive "attack/dodge/get_hit" sequences)
you can get it at
http://www.zimlab.com/wizardry/
Some mods include attempts to speed up combats,
Kaucukovnik IV.`s solution rises the framerate for animations of all monsters,
check
http://www.rpgcodex.net/forums/index.php?threads/wizardry-8-enhancements.79581 btw i think the general acceleration was even a lil too much,
in several cases IMO the movement becomes unaturally fast and turns the appearance to something funny.
In Qusaris Reforged mod v1.1, all missiles were accelerated
(copy all *.mls files from the mod in [\data\missiles\] into the same folder structure of your Wiz8 install
i.e. you have to create the appropriate dirs)
Another factor are the sounds which are assigned to the combat actions,
they limit acceleration in certain cases,
the sound assigned in the monsters .mls files to the different actions,
and those linked to the weapon classes and target material,
you would have to replace/shorten/speed_up the sounds (e.g. with audacity --> change pitch)
in order to accelerate the monsters and also your PCs actions even more