Davies returned in goal for the Cod Army on Saturday following a one-match ban but was left dejected after Anthony Stewart bagged an 89th-minute winner for Wycombe.
Town are now winless in four matches and find themselves six points off the play-off pace in ninth position.
"I think we did enough to win the game let alone take a point," said Davies. "If you don't do the ugly side of football right, you get punished, and time and time again we are coming in and saying the same things that we are not picking up men at set-pieces and competing all over the park.
"To be successful you have to do them things right. We all know we have got good players, but without that side of the game we know we are never going to be successful.
"There are some things that need addressing and we will do that in house. You can be the better team football wise, but if you are not out competing your opponent you are going to give them a chance.
"I thought we were the ones that caused our downfall in the end because it was through our lack of competing, doing the basics right and picking up on set pieces that's cost us."