The German finished 10th at Barcelona and thinks that with more speed to be extracted from the latest developments, the Silverstone-based team can enjoy another good showing on the streets of Monte Carlo.
"I think we have taken a good step forward with the developments we made for Spain and they will continue to help us in Monaco," said Hulkenberg.
"We still have work to do to understand and fine-tune them along with the set-up, so that is something the team is working on.
"When you see how close the teams around us are it can really make a difference to find even the smallest gain."
Force India is currently eighth in the constructors' championship and, with the midfield in Formula 1 so compact this year, he knows that small improvements in lap time can make big differences in terms of position.
"I would love to see us performing well this weekend and challenging for points once again," said Mallya about the Monaco GP.
"We've certainly made progress with the car lately, but the whole grid remains very closely matched. Just a couple of tenths can separate 10 positions on the grid so nobody can afford to take anything for granted."