The word that would best elevate the sentence to a formal tone is “increase”.
The noun “bump”, among many of its meanings, is used to mean an increase in something, to become bigger.
The noun “increase” is used to indicate a situation in which the number or amount of something is bigger.
In order for us to effectively find a synonym that would better suit a sentence, especially when talking about using more academic-leve speech and language, we first we need to understand not just the general meaning of a word, but also the context in which it is being used.
The dictionary offers several definitions of the word bump, including, aside from the physical and phisiological aspect, negative and positive connotations to the word. For example, "the forceful coming together of two things" (Merriam-Webster), "A small rounded mass of swollen tissue" (Merriam-Webster), among others. So, in order for us to select the correct answer here, we need the context of the word, which is a positive one. In essence, the meaning given here to the word "bump" is that of a help, or an incentive, that will make it possible for the speaker to achieve the goals set out. Given this context, we can use positive synonyms that also mean incentive, or a motivation to elevate something. In this case, then, a good word in this context, and which would be more formal, would be "push".
