A 52nd-minute goal from Henri Lansbury was enough to secure three points for the Reds from a closely-fought clash at the City Ground.
Forest boss Davies paid tribute to Huddersfield for making life difficult for his side, but claimed they would continue to improve as their eight summer additions settled in.
"There is work to do, we still need to work on our fitness, but the most important thing is that we picked up three points," said Davies.
"Some of the players still need another week of training, we have partnerships to work on and fitness to work on. That will take a few weeks.
"Our new signings also still need to get to know each other and that will take many games. We need to find a balance and a consistency. It takes time to develop a team and build a club.
"Credit to the away team, because they came to the City Ground and were very well organised. They made life very difficult for us. You can see the work they put in during pre-season.
"The opening fixture is always very tricky, it is an exciting day, the opening day.
"It was a clean sheet and there were some wonderful performances in the back five. The attitude of the players was very good."
His opposite number Mark Robins declared himself satisfied with his side's performance and predicted not many sides would leave the City Ground with points this season.
Huddersfield lost 6-1 on their last visit to Nottingham last season and the Terriers boss felt his players could be encouraged by their much-improved display.
He said: "We were organised, we were not bad. It was the first game of the season and we have not come away with anything, but there were things for us to be pleased with.
"It was certainly better than our last visit here, even if we scored in that game, although this time we can say that they have scored five less goals.
"We were okay, there is a lot for us to work with.
"We were not quite there, but there are positives. We frustrated a really good Forest side.
"Not many sides will come here and get much. The way they play is fluid and they will be a real force when they get into their stride in this division."
Robins saw James Vaughan twice come close to netting for Huddersfield, who could have snatched a point.
"James had a chance early in the second half, but it was a poor goal to concede. It was disappointing. There were good points to the game and the way we performed, but we need to create more chances," he said.
"It is a tough place to come and we did well for most of the game, but it was that one moment that cost us."