It has already been a productive transfer window for the Reds, with eight deals wrapped up.
Money has been spent on the likes of Jamie Mackie and Kelvin Wilson, with the Reds aware of the need to invest if they are to mount another promotion push.
Strength in depth, and the ability to rest tired legs over the course of a gruelling campaign, is crucial in the Championship.
Davies acknowledges as much and insists he has the full backing of owner Fawaz Al-Hasawi in his ongoing pursuit of fresh faces.
He said: "The chairman knows where we are and what needs to be done in the hardest league.
"Our intention is to bring in a number of new faces."