Now, something that has helped me as far as building speed is first picking a set picking pattern, like this one: 
This one is just a basic 16th note chromatic run up the neck starting on the 9th fret and following the pattern all the way from the low E string to the high E string, and then shifting over one position to the 13th fret and repeating that pattern, but coming down the neck to the low E string, and back up again shifting over one fret. This one can be played up to the 14th fret, but it doesn't have to start on the 9th fret. You can start this anywhere on the fretboard.
The main thing here is to start with a slow tempo and slowly bring the metronome up to where you can play at a tempo you cannot go beyond, but still feels fairly comfortable. At that point, it might be a good idea to write down for every day what tempo you stopped at, as well as the previous day's tempo to see if any change has occurred.
Now what you can do is also set a "max tempo" or a "goal tempo" One which you want to achieve. Let's say, for instance, my "goal tempo" is going to be about 180bpm. Now, what you can do is set small goal tempos for ones you wish to achieve for the end of the week, like, let's say one week your goal tempo will be 100bpm, and the next week's will be 110 or 120bpm, depending on what level you end up at.
Now if you reach your goal tempo for the week, but still have a little trouble with it, one thing you can do is try going far beyond that tempo, so that way, your goal tempo will feel a lot easier to play once you go back to it. For example, let's say the tempo I reach is 190, I'll go beyond that to about 200, and burn myself out on that, so when I go back to 190, that one will be a little easier to play.
Make sure that when you do this, that the notes should come out cleanly and accurately, with no unwanted noise. Also, your picking hand should stay relaxed and a good majority of your movement should come from your wrist with some forearm movement in there.
