Despite falling off the pace last weekend in Hungary, Rob Smedley believes second in the Championship is "still achievable."
In recent weeks, Williams have been arguably the second best team on the grid, leading the charge ahead of Red Bull and Ferrari.
That charge, though, ended in a splatter last weekend in Hungary when the FW36 lacked the pace on the tight, twisty circuit.
As such Williams finished off the podium for the first time in four races and dropped to third in the Championship, seven points behind Ferrari.
Performance chief Smedley believes it is only a matter of time before Williams overhaul Ferrari and hunt down Red Bull.
"Our target is to be second in the Championship and that's still achievable," he told Autosport.
"I think we had a race that was a little bit anomalous if you look at our results over the last five races.
"We've got two races [Spa and Monza] coming up where we've got to capitalise on the characteristics of the car.
"We think those circuits will suit us. We have to capitalise on that and put ourselves in a good position."
And at a time when the development war is set to heat up, Smedley is confident Williams have what it takes to keep pace.
"Development speed and testing methodology has improved and allowed us to keep pace with the others, or even get ahead of them at times.
"At the track, testing and racing, we're making steady progress.
"There are big areas we've looked into and we have a certain evolving structure we're improving all the time.
"Certain things you want on the car have a long lead time and you can't have them at the next race, or even until the next year.
"Some of it with the operations group you can solve in 10 minutes and some of it you need a lot longer.
"It's a constant juggling act."