The Milton Keynes-based outfit has been in a class of its own throughout the season, having won all but one grand prix so far as it captured both drivers' and constructors' championships.
But while its current RB19 still has a performance edge on everyone else, the fact that rivals like McLaren are giving Red Bull a harder time shows that the field is compressing.
Ahead of a winter where teams like Mercedes and Ferrari are expected to make big changes to their cars, Red Bull knows it cannot get complacent when it comes to eking out improvements to its 2023 challenger.
Monaghan has revealed that while the team will not unleash a radical departure over the current design for its 2024 car, it has to find gains if it is going to keep the opposition at bay.
"It would be wrong of us to just leave it alone because our opposition is getting a bit closer," he said.
"But the rules are quite tight compared to what we've had in previous years and with previous generations of car, where we could do a little bit more and move things around.
"It perhaps wouldn't surprise you if I said it [the 2024 car] will be an evolution of the current car, as it will be a bit foolish to throw this concept away.
"But equally, we've got to make some progress. We've got to find some lap time. The opposition is on us and if they do a step, then we'd better have a bigger step.
Source: Autosport