Wanderers finished a creditable 13th last term, with the skipper notching a career-best 12 goals in the process.
Davies, though, believes that in order to better that campaign the club must invest in at least "two, maybe three" new players.
"I think we all know we need two, maybe three, more players for a bit more competition and quality," he told the Bolton News.
"It was difficult last season with such a small squad. We have had to play the way we do in order to get results, pure and simple, and we have done that.
"I think we were more flexible than people give us credit for. Everyone knows we tend to start with a 4-5-1 and change to a 4-4-2."
He added: "I enjoy the role I play - we do play a lot of long balls up to me but I think we are trying to change that.
"The manager is trying to get us to pass the ball around a little bit more and use me as a different option."
Miguel Veloso, Lucas Biglia and Tom Huddlestone have all been linked with summer moves to the Reebok Stadium.
Davies believes that, with the right investments, Bolton can push for a top ten finish next term.
"We're not too far away from that," he said. Maybe we need that little bit extra, especially on the bench, to turn things around a little bit.
"We didn't get into the top 10 last season and that is
disappointing but a couple more players could help us."