The Scot's first win since returning to the City Ground brings Forest up to eighth in the table and to within six points of sixth-placed Middlesbrough with 14 games remaining.
Fans' favourite Davies left Nottingham a deflated figure having failed to win promotion through the play-offs in 2011 and spoke about unfinished business when replacing Alex McLeish earlier this month.
But he has played those comments down, saying: "I said I had unfinished business but I meant promotion was the target within three and a half years.
"The chairman has told us to do the best we can and win as many games as we can. There is a big expectation here and the fans are very demanding. But if you don't approach this game properly it can bite you in the backside and we're not getting carried away.
"There's a lot of work to do and we know fine well that two wins can take you up but two wins can drag you down."
Radoslaw Majewski, a key component of the Forest midfield in Davies' first reign, opened his account for the season and tripled his haul before the half-time whistle.
Davies instead praised a team effort while thanking the bumper crowd of 26,938 Forest fans for their hearty encouragement.
"One or two players may get headlines but the team effort was great from back to front," he added. "There's a lot of work to do and balances to find but I can see our game speed changing. We're getting quicker and our energy's getting better.
"And I'm telling you now, the 12th man was important. Their energy when the players went behind was fantastic."
- Sports & Recreation